- Bank Supports 265 Jobs in New Mexico
Washington, D.C. – U.S. Rep. Ben Ray Luján of New Mexico’s Third District called on House Republican leaders this morning to allow a vote in the House of Representatives to reauthorize the Export-Import Bank of the United States.
Absent legislative action, the bank’s charter will expire at the end of the month, and it will no longer be able to provide loans to U.S. businesses. The Export-Import Bank is an independent, self-sustaining agency with an 80-year record of supporting U.S. jobs by financing the export of American goods and services.
“At the end of the month, thousands of small businesses around the country and over a dozen local New Mexico businesses will lose access to critical financing through the Export-Import Bank that helps them compete in the global economy and put people to work,” Luján said. “As we work to jumpstart New Mexico’s economy and support the entrepreneurs who are job creators in our communities, now is not the time to close the Export-Import Bank’s doors. The bank has helped businesses grow, and it’s clear that support exists in the House to reauthorize the bank. It is time for House Republican leaders to put it up for a vote.”
The Export-Import Bank supported more than 164,000 American jobs in the last fiscal year and has supported more than 1.3 million jobs since 2009. In New Mexico, 16 companies have received financing through the bank, supporting $42 million in exports and 265 jobs. Last year alone, the bank supported more than 3,300 small businesses, businesses that because of their small size have difficulty getting financing from private sector banks. In addition, the bank’s efforts have generated a surplus of $6.9 billion over the past two decades that has been sent to the U.S. Treasury to reduce the deficit. Eliminating the bank would increase the deficit.
The Export-Import Bank has enjoyed bipartisan support for decades. Republican presidents since 1959 have advocated for the financing assistance it provides American businesses, yet today, House Republican leaders are working to end the bank at a time when countries across the globe are investing in their own programs to support America’s competitors. About 60 other export credit agencies are backing foreign competitors, including European and Asian governments that provide several times more financing to their countries’ exporters.