Senator Maria Cantwell Calls for Long-Term Extension of Export-I - Spokane, North Idaho News & Weather KHQ.com

Senator Maria Cantwell Calls for Long-Term Extension of Export-Import Bank

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KHQ.COM- Nearly 85,000 jobs in Washington state could be on the line if Congress allows the Export-Import Bank to expire on September 30. The Export-Import Bank is the export credit agency for the United States, helping to finance or insure the purchase of U.S. goods by foreign customers to help American companies expand. The bank has supported more than 180 exporters in Washington state, two-thirds of which are small businesses.

In July, Senator Maria Cantwell co-sponsored legislation that would renew the Bank's charter for five years. The Export-Import Bank is self-supported through interest payments and fees, turning a profit for the U.S. taxpayer. In 2013, the bank transferred $1 billion to the U.S. Treasury.

According to a U.S. Joint Economic Committee report, the United States exported $2.3 trillion of goods and services in 2013 and manufactured goods accounted for $1.2 trillion of all exports which is an increase of 38 percent since 2009.

Financial experts say failing to reauthorize the Export-Import Bank would put U.S. companies at a competitive disadvantage.

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