[Congressional Record Volume 158, Number 45 (Monday, March 19, 2012)]
[Senate]
[Pages S1763-S1764]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           EXPORT-IMPORT BANK

  Mr. REID. Mr. President, this week the Senate resumes debate on a 
measure to improve innovators' access to capital. This bill passed the 
House on a bipartisan vote and has President Obama's support. We could 
make this legislation even better by passing the modest consumer 
protections included in the substitute amendment we will consider 
tomorrow. But Members of both parties agree we should pass it quickly. 
We will finish work on this legislation this week.
  It is nice to see Democrats and Republicans standing on common ground 
for a change. But while this IPO proposal will be good for business--
helping to give startups the flexibility they need to hire and grow--
experts agree its impact on job creation will be limited. The IPO bill 
is a good bill, but we all recognize its job creation impact will be 
fairly limited.
  We want to do something with this legislation to increase the amount 
of jobs that will be forthcoming soon, which we have done. So as part 
of this IPO bill, it is important Congress also reauthorize the Ex-Im 
Bank, and do it now.
  Reauthorization of the Ex-Im Bank will help American exporters 
compete in a global economy and sell more of their products overseas. 
Last year, Ex-Im Bank financing helped 3,600 private companies and 
almost 300,000 jobs were added in more than 2,000 communities. That is 
why the Ex-Im Bank has always enjoyed broad bipartisan support.
  The last time this measure came before the body, it was offered by a 
Republican Senator and was passed by unanimous consent. The 
reauthorization legislation we will vote on tomorrow is also 
bipartisan. It passed the Banking Committee unanimously. It has three 
Republican cosponsors and the strong backing of the U.S. Chamber of 
Commerce. Yet I read that some of my Republican colleagues don't want 
to advance this bipartisan measure.
  Remember, it does not increase the debt whatsoever. Instead, I have 
been told that some Republicans want to start another drawn-out, 
knockdown fight over a proposal that passed unanimously the last time 
the Senate considered it. It doesn't make sense.
  So let's review what is at stake. Unless Congress acts, Ex-Im Bank 
may hit its lending limit this month. American exporters could no 
longer rely on an even playing field with global competitors.
  The Ex-Im Bank loans money to American businesses when private 
lending is not available. Its investments made $41 billion in U.S. 
exports possible last year alone. That is why Ex-Im Bank Chairman Fred 
Hochberg says our competitors abroad ``are licking their chops'' at the 
idea that America would stop backing businesses that sell their 
products overseas.

  Many of the businesses that are growing and hiring because of Export-
Import Bank financing are small businesses. But the men and women who

[[Page S1764]]

run large outfits such as Boeing, American Express, Johnson & Johnson, 
Caterpillar, GE, and Motorola are also on record in supporting the Ex-
Im Bank.
  American entrepreneurs can't afford Congress to give up on them now. 
China already provides three to four times as much financing as we do 
to help Chinese exporters. So we must help American exporters. We must 
continue to give American businesses a fair shot to compete in a global 
market. Since Ex-Im Bank doesn't add a penny to the deficit, there is 
no excuse for Republicans not to support it. The nonpartisan 
Congressional Budget Office says this commonsense legislation will 
actually reduce the deficit by about $1 billion.
  It is critical we pass the IPO bill to help businesses access 
capital, but it is even more important we reauthorize the job-creating 
Export-Import Bank which helps those companies compete abroad. This 
proposal will support hundreds of thousands of more jobs in the small 
business capital bill. Together it will be a real knockout. It will be 
great for America.
  Democrats brought this measure to the floor in an effort to find more 
common ground, and passing it would be another major accomplishment of 
which both parties can be proud.

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