Statement by Fred P. Hochberg, Chairman and President, Export-Import Bank of the United States on the Senate's Failure to Renew the Bank's Charter
The Senate's failure to renew the Export-Import Bank Charter, which expires in 72 days, is a setback for American workers who produce the high-quality goods and services that are in demand around the world.
Ex-Im Bank increases U.S. jobs, pays for itself and earns money for the U.S. Treasury, and as a result enjoys strong, bipartisan support. However, delays in renewing the Charter threaten over 1,000 export-related jobs that are supported every workday by Ex-Im Bank financing. Not reauthorizing the Bank places American companies at a serious disadvantage against their foreign competitors. We are already hearing that some customers of U.S. exporters are considering switching their purchases to foreign companies due to the uncertain availability of future Ex-Im Bank financing.
We will continue to work with House and Senate leadership and I am confident that Congress will ultimately approve a four-year reauthorization of our Charter, but I urge them to act promptly before serious damage is done to American competitiveness.