Press Releases

WASHINGTON – U.S. Representative Kathleen Rice has joined the vast majority of House Democrats in signing a discharge petition that, if signed by a simple majority of the House, would force a vote on legislation to reauthorize the Export-Import Bank. Without congressional action, the bank will expire at the end of June, which leaves just 24 legislative days for the House to reauthorize the bank’s charter.

The Export-Import Bank is an independent credit agency that creates and supports American jobs by financing the sale of exports to foreign customers. The bank has supported 1.3 million jobs nationwide since 2009 and 164,000 jobs in fiscal year 2014 at no cost to American taxpayers – in fact, last year alone the Export-Import Bank generated a surplus of $675 million, which will go back into the Treasury to help reduce the federal deficit. The Export-Import Bank is especially important to the local economy in New York’s fourth congressional district, where since 2007 it has helped 10 companies – nine of them small businesses – export their products to foreign customers, enter new markets abroad, grow their businesses and create good jobs here at home. Since 2007, the bank has supported $76 million in export sales in New York’s fourth district and $11 billion across the state of New York. Last year alone, the bank supported $15 million in the district and $1 billion statewide.

“The Export-Import Bank is good for our district, good for New York, good for small businesses, and good for the American economy,” said Rep. Kathleen Rice. “It’s also good for taxpayers, generating billions of dollars to help reduce the deficit – and that’s why it’s so baffling to me that we’re even having this debate. Republicans and Democrats should be able to agree, as we have in the past, that reauthorizing the Export-Import Bank is the right thing to do for our economy. I urge the Republican leadership to do what’s right for the country, for small businesses and the taxpayers we serve, and allow a vote on a long-term reauthorization as soon as we’re back in session.”

As of the time of this release, 179 Democratic House Members have signed the discharge petition, led by three members of the House Committee on Financial Services: Rep. Denny Heck (D-WA), Ranking Member Maxine Waters (D-CA) and Rep. Gwen Moore (D-WI), Ranking Member of the Subcommittee on Monetary Policy and Trade.

If signed by a simple majority of the House, the discharge petition would initiate a vote on H.R. 1031, which renews the Export-Import Bank’s charter for seven years, increases its lending authority to meet the needs of U.S. exporters, and modernizes the Bank’s programs to better serve small and medium-sized businesses. H.R. 1031 was introduced by Rep. Waters in February and has been cosponsored by 189 House Democrats, including Rep. Rice. A separate measure to reauthorize the bank’s charter has been cosponsored by 60 House Republicans, indicating that a majority of the House supports a long-term extension of the Export-Import Bank.

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