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Foster Fights To Protect American Jobs, Reauthorize U.S. Export-Import Bank

Jun 25, 2014
Press Release

Washington, DC – Today, Congressman Bill Foster cosponsored the Protect American Jobs and Exports Act of 2014, legislation to reauthorize the Export-Import Bank of the United States for seven years. If Congress fails to reauthorize the Bank by September 30th, 200,000 American jobs will be in jeopardy.

“The Export-Import Bank supports Illinois businesses and reduces our deficit.  In Illinois’ 11th District alone, the Export-Import Bank has supported $744 million in exports from 13 local businesses. Nationally, the bank has supported 1.2 million US jobs in the last 5 years and sent a record $1.05 billion in profits to the Treasury in 2013,” 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 $744 million in exports from 13 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-Important 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.

Newly-elected House Majority Leader Kevin McCarty and House Financial Services Chairman Jeb Hensarling have opposed reauthorization of the Export-Import Bank, despite overwhelming support from the businesses community.  The US Chamber of Commerce strongly supports reauthorization and this week 865 businesses organizations signed a letter urging Congress to reauthorize the Bank.