Foster Calls For Extension of Export-Import Bank
Washington, DC—Today, Congressman Bill Foster (IL-11) advocated for the reauthorization of the Export-Import Bank at a Financial Services Committee hearing. During the hearing, Foster questioned Export-Import Bank (Ex-Im Bank) Chairman and President Fred P. Hochberg. If Congress doesn’t act in the next 14 legislative days, the Bank will shut down.
Foster highlighted how the guaranteed export credit the Ex-Im Bank provides has supported economic growth. He also expressed his concern for last minute reauthorizations that create uncertainty and ruin deals. Chairman Hochberg cited examples of deals that have failed because of Congress’ failure to provide long-term authorization.
Video of Foster’s discussion is available here.
“There is no question that Congress should pass a long-term reauthorization of the Export-Import Bank. The Bank supports Illinois businesses and reduces our deficit. In Illinois’ 11th District alone, the Export-Import Bank has supported nearly $900 million in exports from 24 local businesses. Nationally, the bank has supported 1.3 million US jobs in the last 6 years and is not just self-sustaining, but actually generates money for the US Treasury. In fact, last year the Bank gave $675 million to taxpayers,” said Foster. “This is exactly the kind of job-creating, deficit-reducing program we need to support U.S. businesses and grow our economy.”
For 80 years, the Export-Import Bank of the United States has served as a credit agency for U.S. businesses, supporting investments that the private sector does not. The bank has supported nearly $900 million in exports from 24 businesses in Illinois 11th District since 2007. More information is available here.
“As a businessman, I know that companies need certainty,” added Foster. “It is critical that we reauthorize the Export-Import Bank so businesses have certainty to grow.”
Foster is a scientist and businessman who created a start-up company at age 19 with his younger brother. That company, Electronic Theatre Controls, Inc., now employs hundreds of people in the Midwest and manufactures over half of the theater lighting equipment in the United States.