News

GSI commends House action on Ex-Im

International Trade_Info-graphics (5)The Export-Import Bank of the United States (Ex-Im) is an independent federal agency that fills gaps in private export finance in order to bolster U.S. job growth at no cost to American taxpayers. Ex-Im provides trade financing solutions – including export credit insurance, working capital guarantees, and guarantees of commercial loans to foreign buyers – to empower exporters of U.S. goods and services.

Since 2010, Ex-Im has assisted 19 eastern Washington companies. The value of goods exported by those companies was $81 million, and in the greater-Spokane area those companies employ upwards of 1,500 people. In 2014 alone, 10 eastern Washington companies used Ex-Im to export $11 million worth goods. Local companies including SCAFCO, Commercial Creamery, Colmac Coil, Landmark Turf & Native Seed, White’s Boots, Garco Building Systems and Itron have all made use of Ex-Im products to support their foreign sales.

During last year’s Federal Legislative Session, and throughout the year, GSI has advocated for support of the reauthorization of the Ex-Im Bank and we have continued to keep a close eye on progress of reauthorization efforts. Due to a lapse in authority, as of midnight on June 30, the Export-Import Bank of the United States ceased processing new applications or engaging in new business. As a result, small- and medium-sized business exports are stymied, threatening business growth and jobs.

On October 27 the House voted overwhelmingly (313-118) to revive the Ex-Im Bank and GSI would like to recognize our federal representatives for their vote of support.

  • Representative Cathy McMorris Rodgers (5th District – R)
  • Representative Dan Newhouse (4th District – R)
  • Representative Jaime Herrera Beutler (3rd District – R)
  • Representative David Reichert (8th District – R)
  • Representative Denny Heck (10th District – D)
  • Representative Suzan DelBene (1st District – D)
  • Representative Rick Larsen (2nd District – D)
  • Representative Adam Smith (9th District – D)
  • Representative Jim McDermott (7th District – D)
  • Representative Derek Kilmer (6th District – D)

These votes for this critical legislation represents an important step toward new business opportunities, more robust economic growth and stronger job creation here at home, and we commend their support. Additionally, we applaud Senators Cantwell and Murray for their continued backing of this important agency.

Based on the strong House vote, the Ex-Im reauthorization provision was added to a large transportation bill passed by the House today (November 5). Ten amendments designed to scuttle the Ex-Im reauthorization were defeated by the House the evening of November 4, and again our House delegation representatives rose to the occasion in support of Ex-Im. Now the transportation bill heads to a conference with the Senate to reconcile differences and produce a final bill for the President’s signature. The good news is that the Ex-Im reauthorization provision is identical in the House and Senate bills, so it is likely to be included in the final package.

The bill now moves to the Senate and we will continue to track its progress and keep the local business community informed of any new developments.

International trade is an important part of the work that GSI does to support our local economy and the health of our local businesses. GSI assists businesses throughout the greater-Spokane region with international trade and expansion opportunities into foreign markets. For more information visit our International Trade page. #WhyTradeMatters

Share

Leave a Comment

Related Articles

June 30, 2022

Sweet Frostings Blissful Bakeshop, of Spokane, is one of four Washington state companies that will be recognized this week by the U.S. Small Business Administration...

June 23, 2022

By Gary Ballew, VP, Economic Development, GSI I had the opportunity to attend the International Economic Development Council (IEDC) Future Forum in Richardson, Texas, part...

June 15, 2022

WASHINGTON, D.C. – Greater Spokane Inc. hosted nearly 30 area leaders from business, health care, higher education, and local government in D.C. for three days...
Posted in: Public Policy
Scroll to Top