[Congressional Record (Bound Edition), Volume 158 (2012), Part 5]
[House]
[Pages 6361-6382]
[From the U.S. Government Publishing Office, www.gpo.gov]




             EXPORT-IMPORT BANK REAUTHORIZATION ACT OF 2012

  Mr. GARY G. MILLER of California. Mr. Speaker, I move to suspend the 
rules and pass the bill (H.R. 2072) to reauthorize the Export-Import 
Bank of the United States, and for other purposes, as amended.
  The Clerk read the title of the bill.
  The text of the bill is as follows:

                               H.R. 2072

       Be it enacted by the Senate and House of Representatives of 
     the United States of America in Congress assembled,

     SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

       (a) Short Title.--This Act may be cited as the ``Export-
     Import Bank Reauthorization Act of 2012''.
       (b) Table of Contents.--The table of contents of this Act 
     is as follows:

Sec. 1. Short title; table of contents.
Sec. 2. Extension of authority.
Sec. 3. Limitations on outstanding loans, guarantees, and insurance.
Sec. 4. Export-Import Bank exposure limit business plan.
Sec. 5. Study by the Comptroller General on the role of the Bank in the 
              world economy and the Bank's risk management.
Sec. 6. Monitoring of default rates on Bank financing; reports on 
              default rates; safety and soundness review.
Sec. 7. Improvement and clarification of due diligence standards for 
              lender partners.
Sec. 8. Non-subordination requirement.
Sec. 9. Notice and comment for Bank transactions exceeding 
              $100,000,000.
Sec. 10. Categorization of purpose of loans and long-term guarantees in 
              annual report.
Sec. 11. Negotiations to end export credit financing.
Sec. 12. Publication of guidelines for economic impact analyses and 
              documentation of such analyses.
Sec. 13. Report on implementation of recommendations of the Government 
              Accountability Office.
Sec. 14. Examination of Bank support for small business.
Sec. 15. Review and report on domestic content policy.
Sec. 16. Improvement of method for calculating the effects of Bank 
              financing on job creation and maintenance in the United 
              States.
Sec. 17. Periodic audits of Bank transactions.
Sec. 18. Prohibitions on financing for certain persons involved in 
              sanctionable activities with respect to Iran.
Sec. 19. Use of portion of Bank surplus to update information 
              technology systems.
Sec. 20. Modifications relating to the advisory committee.
Sec. 21. Financing for goods manufactured in the United States used in 
              global textile and apparel supply chains.
Sec. 22. Technical correction.
Sec. 23. Sub-Saharan Africa Advisory Committee.
Sec. 24. Dual use exports.
Sec. 25. Effective date.

     SEC. 2. EXTENSION OF AUTHORITY.

       Section 7 of the Export-Import Bank Act of 1945 (12 U.S.C. 
     635f) is amended by striking ``2011'' and inserting ``2014''.

     SEC. 3. LIMITATIONS ON OUTSTANDING LOANS, GUARANTEES, AND 
                   INSURANCE.

       Section 6(a)(2) of the Export-Import Bank Act of 1945 (12 
     U.S.C. 635e(a)(2)) is amended--
       (1) in subparagraph (D), by striking ``and'';
       (2) in subparagraph (E), by striking the comma at the end 
     and inserting ``; and''; and
       (3) by adding at the end the following:
       ``(F) during fiscal year 2012 and each succeeding fiscal 
     year, $120,000,000,000, except that--
       ``(i) the applicable amount for each of fiscal years 2013 
     and 2014 shall be $130,000,000,000 if--

       ``(I) the Bank has submitted a report as required by 
     section 4(a) of the Export-Import Bank Reauthorization Act of 
     2012; and
       ``(II) the rate calculated under section 8(g)(1) of this 
     Act is less than 2 percent for the quarter ending with the 
     beginning of the fiscal year, or for any quarter in the 
     fiscal year; and

       ``(ii) notwithstanding clause (i), the applicable amount 
     for fiscal year 2014 shall be $140,000,000,000 if--

       ``(I) the rate calculated under section 8(g)(1) of this Act 
     is less than 2 percent for the quarter ending with the 
     beginning of the fiscal year, or for any quarter in the 
     fiscal year; and
       ``(II) the Bank has submitted a report as required by 
     subsection (b) of section 5 of the Export-Import Bank 
     Reauthorization Act of 2012, except that the preceding 
     provisions of this subclause shall not apply if the 
     Comptroller General has not submitted the report required by 
     subsection (a) of such section 5 on or before July 1, 2013; 
     and
       ``(III) the Secretary of the Treasury has submitted the 
     reports required by section 11(b) of the Export-Import Bank 
     Reauthorization Act of 2012.''.

     SEC. 4. EXPORT-IMPORT BANK EXPOSURE LIMIT BUSINESS PLAN.

       (a) In General.--Not later than September 30, 2012, the 
     Export-Import Bank of the United States shall submit to the 
     Congress and the Comptroller General a written report that 
     contains the following:
       (1) A business plan that--
       (A) includes an estimate by the Bank of the appropriate 
     exposure limits of the Bank for 2012, 2013, and 2014;
       (B) justifies the estimate; and
       (C) estimates any anticipated growth of the Bank for 2012, 
     2013, and 2014--
       (i) by industry sector;
       (ii) by whether the products involved are short-term loans, 
     medium-term loans, long-term loans, insurance, medium-term 
     guarantees, or long-term guarantees; and
       (iii) by key market.
       (2) An analysis of the potential for increased or decreased 
     risk of loss to the Bank as a result of the estimated 
     exposure limit, including an analysis of increased or 
     decreased risks associated with changes in the composition of 
     Bank exposure, by industry sector, by product offered, and by 
     key market.
       (3) An analysis of the ability of the Bank to meet its 
     small business and sub-Saharan Africa mandates and comply 
     with its carbon policy mandate under the proposed exposure 
     limit, and an analysis of any increased or decreased risk of 
     loss associated with meeting or complying with the mandates 
     under the proposed exposure limit.
       (4) An analysis of the adequacy of the resources of the 
     Bank to effectively process, approve, and monitor 
     authorizations, including the conducting of required economic 
     impact analysis, under the proposed exposure limit.
       (b) GAO Review of Report and Business Plan.--Not later than 
     June 1, 2013, the Comptroller General shall submit to the 
     Congress a written analysis of the report and business plan 
     submitted under subsection (a), which shall include such 
     recommendations with respect to the report and business plan 
     as the Comptroller General deems appropriate.

     SEC. 5. STUDY BY THE COMPTROLLER GENERAL ON THE ROLE OF THE 
                   BANK IN THE WORLD ECONOMY AND THE BANK'S RISK 
                   MANAGEMENT.

       (a) In General.--Within 10 months after the date of the 
     enactment of this Act, the Comptroller General of the United 
     States shall complete and submit to the Export-Import Bank of 
     the United States, the Committee on Banking, Housing, and 
     Urban Affairs of the Senate and the Committee on Financial 
     Services of the House of Representatives a report which--
       (1) evaluates--
       (A) the history of the rate of growth of the Bank, and its 
     causes, with specific consideration given to--
       (i) the capital market conditions for export financing;
       (ii) increased competition from foreign export credit 
     agencies;
       (iii) the rate of growth of the Bank from 2008 to the 
     present;
       (B) the effectiveness of the Bank's risk management, 
     including--
       (i) potential for losses from each of the products offered 
     by the Bank; and
       (ii) the overall risk of the Bank's portfolio, taking into 
     account--

       (I) market risk;
       (II) credit risk;
       (III) political risk;
       (IV) industry-concentration risk;
       (V) geographic-concentration risk;
       (VI) obligor-concentration risk; and
       (VII) foreign-currency risk;

       (C) the Bank's use of historical default and recovery rates 
     to calculate future program costs, taking into consideration 
     cost estimates determined under the Federal Credit Reform Act 
     of 1990 (2 U.S.C. 661 et seq.) and whether discount rates 
     applied to cost estimates should reflect the risks described 
     in subparagraph (B);
       (D) the fees charged by the Bank for the products the Bank 
     offers, whether the Bank's fees properly reflect the risks 
     described in subparagraph (B), and how the fees are affected 
     by United States participation in international agreements; 
     and
       (E) whether the Bank's loan loss reserves policy is 
     sufficient to cover the risks described in subparagraph (B); 
     and
       (2) makes appropriate recommendations with respect to the 
     matters so evaluated.
       (b) Recommendations and Report by the Bank.--Not later than 
     120 days after the Bank receives the report, the Bank shall 
     submit to the Congress a report on the implementation of 
     recommendations included in the report so received. If the 
     Bank does not adopt the recommendations, the Bank shall 
     include in its report an explanation of why the Bank has not 
     done so.

[[Page 6362]]



     SEC. 6. MONITORING OF DEFAULT RATES ON BANK FINANCING; 
                   REPORTS ON DEFAULT RATES; SAFETY AND SOUNDNESS 
                   REVIEW.

       Section 8 of the Export-Import Bank Act of 1945 (12 U.S.C. 
     635g) is amended by adding at the end the following:
       ``(g) Monitoring of Default Rates on Bank Financing; 
     Reports on Default Rates; Safety and Soundness Review.--
       ``(1) Monitoring of default rates.--Not less frequently 
     than quarterly, the Bank shall calculate the rate at which 
     the entities to which the Bank has provided short-, medium-, 
     or long-term financing are in default on a payment obligation 
     under the financing, by dividing the total amount of the 
     required payments that are overdue by the total amount of the 
     financing involved.
       ``(2) Additional calculation by type of product, by key 
     market, and by industry sector; report to congress.--In 
     addition, the Bank shall, not less frequently than 
     quarterly--
       ``(A) calculate the rate of default--
       ``(i) with respect to whether the products involved are 
     short-term loans, medium-term loans, long-term loans, 
     insurance, medium-term guarantees, or long-term guarantees;
       ``(ii) with respect to each key market involved; and
       ``(iii) with respect to each industry sector involved; and
       ``(B) submit to the Committee on Banking, Housing, and 
     Urban Affairs of the Senate and the Committee on Financial 
     Services of the House of Representatives a report on each 
     such rate and any information the Bank deems relevant.
       ``(3) Report on causes of default rate; plan to reduce 
     default rate.--Within 45 days after a rate calculated under 
     paragraph (1) equals or exceeds 2 percent, the Bank shall 
     submit to the Congress a written report that explains the 
     circumstances that have caused the default rate to be at 
     least 2 percent, and includes a plan to reduce the default 
     rate to less than 2 percent.
       ``(4) Plan contents.--The plan referred to in paragraph (3) 
     shall--
       ``(A) provide a detailed explanation of the processes and 
     controls by which the Bank monitors and tracks outstanding 
     loans;
       ``(B) detail specific planned actions, including a time 
     frame for completing the actions, to reduce the default rate 
     described in paragraph (1) to less than 2 percent.
       ``(5) Monthly reports required while default rate is at 
     least 2 percent.--For so long as the default rate calculated 
     under paragraph (1) is at least 2 percent, the Bank shall 
     submit monthly reports to the Congress describing the 
     specific actions taken during such period to reduce the 
     default rate.
       ``(6) Safety and soundness review.--If the default rate 
     calculated under paragraph (1) remains above 2 percent for a 
     period of 6 months, the Secretary of the Treasury shall 
     provide for an independent third party to--
       ``(A) conduct a review of the loan programs and funds of 
     the Bank, which shall determine--
       ``(i) the financial safety and soundness of the programs 
     and funds; and
       ``(ii) the extent of loan loss reserves and capital 
     adequacy of the programs and funds; and
       ``(B) submit to the Secretary, within 60 days after the end 
     of the 6-month period, a report that--
       ``(i) describes the methodology and standards used to 
     conduct the review required by subparagraph (A);
       ``(ii) sets forth the results and findings of the review, 
     including the extent of loan loss reserves and capital 
     adequacy of the programs and funds of the Bank; and
       ``(iii) includes recommendations regarding restoring the 
     reserves and capital to maintain the programs and funds in a 
     safe and sound condition.''.

     SEC. 7. IMPROVEMENT AND CLARIFICATION OF DUE DILIGENCE 
                   STANDARDS FOR LENDER PARTNERS.

       Section 2 of the Export-Import Bank Act of 1945 (12 U.S.C. 
     635) is amended by adding at the end the following:
       ``(i) Due Diligence Standards for Lender Partners.--The 
     Bank shall set due diligence standards for its lender 
     partners and participants, which should be applied across all 
     programs consistently. To minimize or prevent fraudulent 
     activity, the Bank should require all delegated lenders to 
     implement `Know your customer practices'.''.

     SEC. 8. NON-SUBORDINATION REQUIREMENT.

       Section 2 of the Export-Import Bank Act of 1945 (12 U.S.C. 
     635), as amended by section 7 of this Act, is amended by 
     adding at the end the following:
       ``(j) Non-subordination Requirement.--In entering into 
     financing contracts, the Bank shall seek a creditor status 
     which is not subordinate to that of all other creditors, in 
     order to reduce the risk to, and enhance recoveries for, the 
     Bank.''.

     SEC. 9. NOTICE AND COMMENT FOR BANK TRANSACTIONS EXCEEDING 
                   $100,000,000.

       (a) In General.--Section 3(c) of the Export-Import Bank Act 
     of 1945 (12 U.S.C. 635a(c)) is amended by adding at the end 
     the following:
       ``(10) Notice and comment requirements.--
       ``(A) In general.--Before any meeting of the Board for 
     final consideration of a long-term transaction the value of 
     which exceeds $100,000,000, and concurrent with any statement 
     required to be submitted under section 2(b)(3) with respect 
     to the transaction, the Bank shall provide a notice and 
     comment period.
       ``(B) Financial threshold determinations.--For purposes of 
     determining whether the value of a proposed transaction 
     exceeds the financial threshold set forth in subparagraph 
     (A), the Bank shall aggregate the dollar amount of the 
     proposed transaction and the dollar amounts of all long-term 
     loans and guarantees, approved by the Bank in the preceding 
     12-month period, that involved the same foreign entity and 
     substantially the same product to be produced.
       ``(C) Specific requirements.--
       ``(i) In general.--The Bank shall--

       ``(I) publish in the Federal Register a notice of the 
     application proposing the transaction;
       ``(II) provide a period of not less than 25 days for the 
     submission to the Bank of comments on the application; and
       ``(III) notify the Committee on Banking, Housing, and Urban 
     Affairs of the Senate, and the Committee on Financial 
     Services of the House of Representatives of the application, 
     and seek comments on the application from the Department of 
     Commerce and the Office of Management and Budget.

       ``(ii) Content of notice.--The notice published under 
     clause (i)(I) with respect to an application for a loan or 
     financial guarantee shall include appropriate information 
     about--

       ``(I) a brief non-proprietary description of the purposes 
     of the transaction and the anticipated use of any item being 
     exported, including, to the extent the Bank is reasonably 
     aware, whether the item may be used to produce exports or 
     provide services in competition with the exportation of goods 
     or the provision of services by a United States industry;
       ``(II) the identities of the obligor, principal supplier, 
     and guarantor; and
       ``(III) a description, such as type or model number, of any 
     item with respect to which Bank financing is being sought, 
     but only to the extent the description does not disclose any 
     information that is confidential or proprietary business 
     information, that would violate the Trade Secrets Act, or 
     that would jeopardize jobs in the United States by supplying 
     information which competitors could use to compete with 
     companies in the United States.

       ``(D) Procedure regarding materially changed 
     applications.--
       ``(i) In general.--If a material change is made to an 
     application to which this paragraph applies, after a notice 
     with respect to the application is published under 
     subparagraph (C)(i)(I), the Bank shall publish in the Federal 
     Register a revised notice of the application and provide for 
     an additional comment period as provided in subparagraph 
     (C)(i)(II).
       ``(ii) Material change defined.--In clause (i), the term 
     `material change', with respect to an application for a loan 
     or guarantee, includes an increase of at least 25 percent in 
     the amount of a loan or guarantee requested in the 
     application.
       ``(E) Requirement to address views of commenters.--Before 
     taking final action on an application to which this paragraph 
     applies, the staff of the Bank shall provide in writing to 
     the Board of Directors the views of any person who submitted 
     comments on the application pursuant to this paragraph.
       ``(F) Publication of conclusions.--Within 30 days after a 
     final decision of the Board of Directors with respect to an 
     application to which this paragraph applies, the Bank shall 
     provide to a commenter on the application or the decision who 
     makes a request therefor, a non-confidential summary of the 
     facts found and conclusions reached in any detailed analysis 
     or similar study with respect to the loan or guarantee that 
     is the subject of the application, that was submitted to the 
     Board of Directors. Such summary should be sent within 30 
     days of the receipt of the written request or date of the 
     final decision of the Board of Directors, whichever is later.
       ``(G) Rule of interpretation.--The obligations imposed by 
     this paragraph shall not be interpreted to create, modify, or 
     preclude any legal right of action.''.
       (b) Effective Date.--The amendment made by subsection (a) 
     shall take effect 60 days after the date of the enactment of 
     this Act.

     SEC. 10. CATEGORIZATION OF PURPOSE OF LOANS AND LONG-TERM 
                   GUARANTEES IN ANNUAL REPORT.

       Section 8 of the Export-Import Bank Act of 1945 (12 U.S.C. 
     635g), as amended by section 6 of this Act, is amended by 
     adding at the end the following:
       ``(h) Categorization of Purpose of Loans and Long-term 
     Guarantees.--In the annual report of the Bank under 
     subsection (a), the Bank shall categorize each loan and long-
     term guarantee made by the Bank in the fiscal year covered by 
     the report, and according to the following purposes:
       ``(1) `To assume commercial or political risk that exporter 
     or private financial institutions are unwilling or unable to 
     undertake'.
       ``(2) `To overcome maturity or other limitations in private 
     sector export financing'.

[[Page 6363]]

       ``(3) `To meet competition from a foreign, officially 
     sponsored, export credit competition'.
       ``(4) `Not identified', and the reason why the purpose is 
     not identified.''.

     SEC. 11. NEGOTIATIONS TO END EXPORT CREDIT FINANCING.

       (a) In General.--The Secretary of the Treasury (in this 
     section referred to as the ``Secretary'') shall initiate and 
     pursue negotiations--
       (1) with other major exporting countries, including members 
     of the Organisation for Economic Co-operation and Development 
     (OECD) and non-OECD members, to substantially reduce, with 
     the ultimate goal of eliminating, subsidized export financing 
     programs and other forms of export subsidies; and
       (2) with all countries that finance air carrier aircraft 
     with funds from a state-sponsored entity, to substantially 
     reduce, with the ultimate goal of eliminating, aircraft 
     export credit financing for all aircraft covered by the 2007 
     Sector Understanding on Export Credits for Civil Aircraft (in 
     this section referred to as the ``ASU''), including any 
     modification thereof, and all of the following types of 
     aircraft:
       (A) Heavy aircraft that are capable of a takeoff weight of 
     300,000 pounds or more, whether or not operating at such a 
     weight during a particular phase of flight.
       (B) Large aircraft that are capable of a takeoff weight of 
     more than 41,000 pounds, and have a maximum certificated 
     takeoff weight of not more than 300,000 pounds.
       (C) Small aircraft that have a maximum certificated takeoff 
     weight of 41,000 pounds or less.
       (b) Annual Reports on Progress of Negotiations.--Not later 
     than 180 days after the date of the enactment of this Act, 
     and annually thereafter, the Secretary shall submit to the 
     Committee on Banking, Housing, and Urban Affairs of the 
     Senate and the Committee on Financial Services of the House 
     of Representatives--
       (1) a report on the progress of any negotiations described 
     in subsection (a)(1), until the Secretary certifies in 
     writing to the committees that all countries that support 
     subsidized export financing programs have agreed to end the 
     support; and
       (2) a report on the progress of any negotiations described 
     in subsection (a)(2), including the progress of any 
     negotiations with respect to each classification of aircraft 
     set forth in subsection (a)(2), until the Secretary certifies 
     in writing to the committees that all countries that support 
     subsidized export financing programs have agreed to end the 
     support of aircraft covered by the ASU.

     SEC. 12. PUBLICATION OF GUIDELINES FOR ECONOMIC IMPACT 
                   ANALYSES AND DOCUMENTATION OF SUCH ANALYSES.

       (a) Publication of Guidelines.--Not later than 180 days 
     after the date of the enactment of this Act, the Export-
     Import Bank of the United States shall develop and make 
     publicly available methodological guidelines to be used by 
     the Bank in conducting economic impact analyses or similar 
     studies under section 2(e) of the Export-Import Bank Act of 
     1945. In developing the guidelines, the Bank shall take into 
     consideration any relevant guidance from the Office of 
     Management and Budget.
       (b) Maintenance of Documentation.--Section 2(e)(7) of the 
     Export-Import Bank Act of 1945 (12 U.S.C. 635(e)(7)) is 
     amended by redesignating subparagraphs (E) and (F) as 
     subparagraphs (F) and (G), respectively, and inserting after 
     subparagraph (D) the following:
       ``(E) Maintenance of documentation.--The Bank shall 
     maintain documentation relating to economic impact analyses 
     and similar studies conducted under this subsection in a 
     manner consistent with the Standards for Internal Control of 
     the Federal Government issued by the Comptroller General of 
     the United States.''.

     SEC. 13. REPORT ON IMPLEMENTATION OF RECOMMENDATIONS OF THE 
                   GOVERNMENT ACCOUNTABILITY OFFICE.

       Not later than 180 days after the date of the enactment of 
     this Act, the Export-Import Bank of the United States shall 
     submit to the Committee on Banking, Housing, and Urban 
     Affairs of the Senate and the Committee on Financial Services 
     of the House of Representatives a report on the 
     implementation or rejection by the Bank of the 
     recommendations contained in the report of the Government 
     Accountability Office entitled ``Export-Import Bank: 
     Improvements Needed in Assessment of Economic Impact'', dated 
     September 12, 2007 (GAO-07-1071), that includes--
       (1) a detailed description of the progress made in 
     implementing each such recommendation; and
       (2) for any such recommendation that has not yet been 
     implemented, an explanation of the reasons the recommendation 
     has not been implemented.

     SEC. 14. EXAMINATION OF BANK SUPPORT FOR SMALL BUSINESS.

       Within 180 days after the date of the enactment of this 
     Act, the Export-Import Bank of the United States shall 
     examine and report to Congress on its current programs, 
     products, and polices with respect to the implementation of 
     its export credit insurance program, delegated lending 
     authority, and direct loans, and any other programs, 
     products, and policies established to support exports from 
     small businesses in the United States, and determine the 
     extent to which those policies adequately meet the needs of 
     the small businesses in obtaining Bank financing to support 
     the maintenance or creation of jobs in the United States 
     through exports, consistent with the requirement that the 
     Bank obtain a reasonable assurance of repayment.

     SEC. 15. REVIEW AND REPORT ON DOMESTIC CONTENT POLICY.

       (a) In General.--The Export-Import Bank of the United 
     States shall conduct a review of its domestic content policy 
     for medium- and long-term transactions. The review shall 
     examine and evaluate the effectiveness of the Bank's policy--
       (1) in maintaining and creating jobs in the United States; 
     and
       (2) in contributing to a stronger national economy through 
     the export of goods and services.
       (b) Factors to Consider.--In conducting the review under 
     subsection (a), the Bank shall consider the following:
       (1) Whether the domestic content policy accurately captures 
     the costs of United States production of goods and services, 
     including the direct and indirect costs of manufacturing 
     costs, parts, components, materials and supplies, research, 
     planning engineering, design, development, production, return 
     on investment, marketing and other business costs and the 
     effect of such policy on the maintenance and creation of jobs 
     in the United States.
       (2) The ability of the Bank to provide financing that is 
     competitive with the financing provided by foreign export 
     credit agencies and the impact that such financing has in 
     enabling companies with operations in the United States to 
     contribute to a stronger United States economy by increasing 
     employment through the export of goods and services.
       (3) The effects of the domestic content policy on the 
     manufacturing and service workforce of the United States.
       (4) Any recommendations the members of the Bank's Advisory 
     Committee have regarding the Bank's domestic content policy.
       (5) The effect that changes to the Bank's domestic content 
     requirements would have in providing companies an incentive 
     to create and maintain operations in the United States and to 
     increase jobs in the United States.
       (c) Report.--Not later than 1 year after the date of the 
     enactment of this Act, the Bank shall submit a report on the 
     results of the review conducted under this section to the 
     Committee on Banking, Housing, and Urban Affairs of the 
     Senate, and the Committee on Financial Services of the House 
     of Representatives.

     SEC. 16. IMPROVEMENT OF METHOD FOR CALCULATING THE EFFECTS OF 
                   BANK FINANCING ON JOB CREATION AND MAINTENANCE 
                   IN THE UNITED STATES.

       (a) GAO Study.--The Comptroller General of the United 
     States shall conduct a study of the process and methodology 
     used by the Export-Import Bank of the United States (in this 
     section referred to as the ``Bank'') to calculate the effects 
     of the provision of financing by the Bank on the creation and 
     maintenance of employment in the United States, determine and 
     assess the basis on which the Bank has so used the 
     methodology, and make any recommendations the Comptroller 
     General deems appropriate.
       (b) Report.--Within 1 year after the date of the enactment 
     of this Act, the Comptroller General shall submit to the 
     Congress and the Bank the results of the study required by 
     subsection (a).
       (c) Implementation of Recommendations.--If the report 
     submitted pursuant to subsection (b) includes 
     recommendations, the Bank may establish a more accurate 
     methodology of the kind described in subsection (a) based on 
     the recommendations.

     SEC. 17. PERIODIC AUDITS OF BANK TRANSACTIONS.

       (a) In General.--Within 2 years after the date of the 
     enactment of this Act, and periodically (but not less 
     frequently than every 4 years) thereafter, the Comptroller 
     General of the United States shall conduct an audit of the 
     loan and guarantee transactions of the Export-Import Bank of 
     the United States to determine the compliance of the Bank 
     with the underwriting guidelines, lending policies, due 
     diligence procedures, and content guidelines of the Bank.
       (b) Review of Fraud Controls.--The Comptroller General of 
     the United States shall review the adequacy of the design and 
     effectiveness of the controls used by the Export-Import Bank 
     of the United States to prevent, detect, and investigate 
     fraudulent applications for loans and guarantees, including 
     by auditing a sample of Bank transactions, and submit to the 
     Congress a written report which contains such recommendations 
     with respect to the controls as the Comptroller General deems 
     appropriate.

     SEC. 18. PROHIBITIONS ON FINANCING FOR CERTAIN PERSONS 
                   INVOLVED IN SANCTIONABLE ACTIVITIES WITH 
                   RESPECT TO IRAN.

       (a) Prohibition on Financing for Persons That Engage in 
     Certain Sanctionable Activities.--

[[Page 6364]]

       (1) In general.--Beginning on the date that is 180 days 
     after the date of the enactment of this Act, the Board of 
     Directors of the Export-Import Bank of the United States may 
     not approve any transaction that is subject to approval by 
     the Board with respect to the provision by the Bank of any 
     guarantee, insurance, or extension of credit, or the 
     participation by the Bank in any extension of credit, to a 
     person in connection with the exportation of any good or 
     service unless the person makes the certification described 
     in paragraph (2).
       (2) Certification described.--The certification described 
     in this paragraph is a certification by a person--
       (A) that neither the person nor any other person owned or 
     controlled by the person--
       (i) engages in any activity described in section 5(a) of 
     the Iran Sanctions Act of 1996 (Public Law 104-172; 50 U.S.C. 
     1701 note) for which the person may be subject to sanctions 
     under that Act;
       (ii) exports sensitive technology, as defined in section 
     106 of the Comprehensive Iran Sanctions, Accountability, and 
     Divestment Act of 2010 (22 U.S.C. 8515), to Iran; or
       (iii) engages in any activity prohibited by part 560 of 
     title 31, Code of Federal Regulations (commonly known as the 
     ``Iranian Transactions Regulations''), unless the activity is 
     disclosed to the Office of Foreign Assets Control of the 
     Department of the Treasury when the activity is discovered; 
     or
       (B) if the person or any other person owned or controlled 
     by the person has engaged in an activity described in 
     subparagraph (A), that--
       (i) in the case of an activity described in subparagraph 
     (A)(i)--

       (I) the President has waived the imposition of sanctions 
     with respect to the person that engaged in that activity 
     pursuant to section 4(c), 6(b)(5), or 9(c) of the Iran 
     Sanctions Act of 1996 (Public Law 104-172; 50 U.S.C. 1701 
     note);
       (II)(aa) the President has invoked the special rule 
     described in section 4(e)(3) of that Act with respect to the 
     person that engaged in that activity; or
       (bb)(AA) the person that engaged in that activity 
     determines, based on its best knowledge and belief, that the 
     person meets the criteria described in subparagraph (A) of 
     such section 4(e)(3) and has provided to the President the 
     assurances described in subparagraph (B) of that section; and
       (BB) the Secretary of State has issued an advisory opinion 
     to that person that the person meets such criteria and has 
     provided to the President those assurances; or
       (III) the President has determined that the criteria have 
     been met for the exception provided for under section 
     5(a)(3)(C) of the Iran Sanctions Act of 1996 to apply with 
     respect to the person that engaged in that activity; or

       (ii) in the case of an activity described in subparagraph 
     (A)(ii), the President has waived, pursuant to section 
     401(b)(1) of the Comprehensive Iran Sanctions, 
     Accountability, and Divestment Act of 2010 (22 U.S.C. 
     8551(b)(1)), the application of the prohibition under section 
     106(a) of that Act (22 U.S.C. 8515(a)) with respect to that 
     person.
       (b) Prohibition on Financing.--Beginning on the date that 
     is 180 days after the date of the enactment of this Act, the 
     Board of Directors of the Export-Import Bank of the United 
     States may not approve any transaction that is subject to 
     approval by the Board with respect to the provision by the 
     Bank of any guarantee, insurance, or extension of credit, or 
     the participation by the Bank in any extension of credit, in 
     connection with a financing in which a person that is a 
     borrower or controlling sponsor, or a person that is owned or 
     controlled by such borrower or controlling sponsor, is 
     subject to sanctions under section 5(a) of the Iran Sanctions 
     Act of 1996 (Public Law 104-172; 50 U.S.C. 1701 note).
       (c) Advisory Opinions.--
       (1) Authority.--The Secretary of State is authorized to 
     issue advisory opinions described in subsection 
     (a)(2)(B)(i)(II).
       (2) Notice to congress.--If the Secretary issues an 
     advisory opinion pursuant to paragraph (1), the Secretary 
     shall notify the appropriate congressional committees of the 
     opinion not later than 30 days after issuing the opinion.
       (d) Definitions.--In this section:
       (1) Appropriate congressional committees; person.--The 
     terms ``appropriate congressional committees'' and ``person'' 
     have the meanings given those terms in section 14 of the Iran 
     Sanctions Act of 1996 (Public Law 104-172; 50 U.S.C. 1701 
     note).
       (2) Controlling sponsor.--The term ``controlling sponsor'' 
     means a person providing controlling direct private equity 
     investment (excluding investments made through publicly held 
     investment funds, publicly held securities, public offerings, 
     or similar public market vehicles) in connection with a 
     financing.

     SEC. 19. USE OF PORTION OF BANK SURPLUS TO UPDATE INFORMATION 
                   TECHNOLOGY SYSTEMS.

       Section 3 of the Export-Import Bank Act of 1945 (12 U.S.C. 
     635a) is amended by adding at the end the following:
       ``(j) Authority To Use Portion of Bank Surplus To Update 
     Information Technology Systems.--
       ``(1) In general.--Subject to paragraphs (3) and (4), the 
     Bank may use an amount equal to 1.25 percent of the surplus 
     of the Bank during fiscal years 2012, 2013, and 2014 to--
       ``(A) seek to remedy any of the operational weakness and 
     risk management vulnerabilities of the Bank which are the 
     result of the information technology system of the Bank;
       ``(B) remedy data fragmentation, enhance information flow 
     throughout the Bank, and manage data across the Bank; and
       ``(C) enhance the operational capacity and risk management 
     capabilities of the Bank to better enable the Bank to 
     increase exports and grow jobs while protecting the taxpayer.
       ``(2) Surplus.--In paragraph (1), the term `surplus' means 
     the amount (if any) by which--
       ``(A) the sum of the interest and fees collected by the 
     Bank; exceeds
       ``(B) the sum of--
       ``(I) the funds set aside to cover expected losses on 
     transactions financed by the Bank; and
       ``(ii) the costs incurred to cover the administrative 
     expenses of the Bank.
       ``(3) Limitation.--The aggregate of the amounts used in 
     accordance with paragraph (1) for fiscal years 2012, 2013, 
     and 2014 shall not exceed $20,000,000.
       ``(4) Subject to appropriations.--The authority provided by 
     paragraph (1) may be exercised only to such extent and in 
     such amounts as are provided in advance in appropriations 
     Acts.''.

     SEC. 20. MODIFICATIONS RELATING TO THE ADVISORY COMMITTEE.

       (a) Representation of the Textile Industry.--Section 
     3(d)(1)(B) of the Export-Import Bank Act of 1945 (12 U.S.C. 
     635a(d)(1)(B)) is amended by striking ``and State 
     government'' inserting ``State government, and the textile 
     industry''.
       (b) Access to Bank Products by the Textile Industry.--
       (1) Consideration by advisory committee.--Section 3(d) of 
     such Act (12 U.S.C. 635a(d)) is amended by adding at the end 
     the following:
       ``(5) In carrying out paragraph (4), the Advisory Committee 
     shall consider ways to promote the financing of Bank 
     transactions for the textile industry, consistent with the 
     requirement that the Bank obtain a reasonable assurance of 
     repayment, and determine ways to--
       ``(A) increase Bank support for the exports of textile 
     components or inputs made in the United States; and
       ``(B) support the maintenance, promotion and expansion of 
     jobs in the United States that are critical to the 
     manufacture of textile components and inputs.''.
       (2) Annual report to congress on advisory committee 
     determinations.--Section 8 of such Act (12 U.S.C. 635g), as 
     amended by sections 6 and 10 of this Act, is amended by 
     adding at the end the following:
       ``(i) Access to Bank Products by the Textile Industry.--The 
     Bank shall include in its annual report to the Congress under 
     subsection (a) of this section a report on the determinations 
     made by the Advisory Committee under section 3(d)(5) in the 
     year covered by the report.''.

     SEC. 21. FINANCING FOR GOODS MANUFACTURED IN THE UNITED 
                   STATES USED IN GLOBAL TEXTILE AND APPAREL 
                   SUPPLY CHAINS.

       (a) Analysis of Textile Industry Use of Bank Products.--The 
     Export-Import Bank of the United States (in this section 
     referred to as the ``Bank'') shall conduct a study of the 
     extent to which the products offered by the Bank are 
     available and used by manufacturers in the United States that 
     export goods manufactured in the United States used as 
     components in global textile and apparel supply chains. In 
     conducting the study, the Bank shall examine the following:
       (1) Impediments to use of Bank products by such firms.
       (2) The number of jobs in the United States that are 
     supported by the export of such component parts and the 
     degree to which access to financing will increase exports.
       (3) Specific proposals for how the Bank, using its 
     authority and products, could provide the financing, 
     including through risk-sharing with other export credit 
     agencies and other third parties.
       (4) Ways in which the Bank can take into account the full 
     global textile and apparel supply chain--in particular, the 
     ultimate purchase, and ultimate United States-based 
     purchaser, of the finished good, that would result from the 
     supply chain--in making credit and risk determinations and 
     the creditworthiness of the ultimate purchaser.
       (5) Proposals for new products the Bank could offer to 
     provide the financing, including--
       (A) the extent to which the Bank is authorized to offer new 
     products;
       (B) the extent to which the Bank would need additional 
     authority to offer the new products; and
       (C) specific proposals for changes in law that would enable 
     the Bank to provide such financing in compliance with the 
     credit and risk standards of the Bank.
       (b) Report.--Within 180 days after the date of the 
     enactment of this Act, the Bank shall submit to the Congress 
     a report that contains the results of the study required by 
     subsection (a).

[[Page 6365]]

       (c) Annual Reports.--Section 8 of the Export-Import Bank 
     Act of 1945 (12 U.S.C. 635g), as amended by sections 6, 10, 
     and 20(b)(2) of this Act, is amended by adding at the end the 
     following:
       ``(j) Textile and Apparel Supply Chain Financing.--The Bank 
     shall include in its annual report to the Congress under 
     subsection (a) of this section a description of the success 
     of the Bank in providing effective and reasonably priced 
     financing to the United States textile and apparel industry 
     for exports of goods manufactured in the United States that 
     are used as components in global textile and apparel supply 
     chains in the year covered by the report, and steps the Bank 
     has taken to increase the use of Bank products by such 
     firms.''.

     SEC. 22. TECHNICAL CORRECTION.

       Section 2(b)(2)(B)(ii) of the Export-Import Bank Act of 
     1945 (12 U.S.C. 635(b)(2)(B)(ii)) is amended by striking 
     subclauses (I), (IV), and (VII) and by redesignating 
     subclauses (II), (III), (V), (VI), (VIII), and (IX) as 
     subclauses (I) through (VI), respectively.

     SEC. 23. SUB-SAHARAN AFRICA ADVISORY COMMITTEE.

        Section 2(b)(9)(B)(iii) of the Export-Import Bank Act of 
     1945 (12 U.S.C. 635(b)(9)(B)(iii)) is amended by striking 
     ``2011'' and inserting ``2014''.

     SEC. 24. DUAL USE EXPORTS.

       Section 4 of Public Law 109-438 (12 U.S.C. 635 note; 108 
     Stat. 4376) is amended by striking ``2011'' and inserting 
     ``2014''.

     SEC. 25. EFFECTIVE DATE.

        Except as provided in section 9(b), this Act and the 
     amendments made by this Act shall take effect on the earlier 
     of June 1, 2012, or the date of the enactment of this Act.

  The SPEAKER pro tempore. Pursuant to the rule, the gentleman from 
California (Mr. Gary G. Miller) and the gentlewoman from New York (Mrs. 
McCarthy) each will control 20 minutes.
  The Chair recognizes the gentleman from California.


                             General Leave

  Mr. GARY G. MILLER of California. Mr. Speaker, I ask unanimous 
consent that all Members have 5 legislative days in which to revise and 
extend their remarks and to add extraneous material to the bill.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentleman from California?
  There was no objection.
  Mr. GARY G. MILLER of California. Mr. Speaker, I yield myself as much 
time as I might consume.
  Today we are considering H.R. 2072, the Securing American Jobs 
Through Exports Act, a bill which will reauthorize the Export-Import 
Bank. This legislation is the product of bipartisan discussions 
surrounding a common theme: maintaining and creating jobs in the United 
States.
  The key to our economic recovery is jobs, without a doubt. In order 
to expand and hire new workers, American companies must have the 
ability to compete in a global economy. To create jobs, American 
companies need to be competitive with foreign companies that have 
access to credit in their countries.
  While the U.S. is a leading voice in the effort to eliminate market-
distorting export subsidies, the Ex-Im Bank has helped to ensure that 
there's a level playing field for American companies when they compete 
with foreign competitors who are basically supported by aggressive 
credit agencies.
  Ex-Im responds to market distortion by leveling the playing field. 
Ex-Im loans and guarantees are often countervailing measures to compete 
against other foreign credit agencies.
  Some Members have concerns about this program. This bill directs the 
Treasury Department to initiate and pursue negotiations with other 
countries to substantially reduce their subsidized export financing 
programs and other forms of export subsidies.
  The problem we face is the option of allowing China to dominate the 
export market. This bill ensures that U.S. companies, large and small, 
can compete and win against foreign competitors like China and, as a 
result, create U.S. jobs without putting U.S. taxpayers at risk.
  During the reauthorization process, we have made taxpayer protection 
our top priority. This bill includes strong language to ensure that 
surpluses that the Ex-Im Bank returns to the Treasury are continued 
today and in the future. We want the bank to be a continually self-
financing entity.
  The bill increases accountability and risk management requirements 
for the bank, as well as provides for an audit of bank transactions to 
monitor the effectiveness and adequacy of the bank's due diligence 
practice and lending policies.
  The bill ensures that the bank stays true to its purpose as a lender 
of last resort and does not compete against private sector commercial 
banks.
  The bill includes language to make sure default rates stay low. Ex-Im 
loans and loan guarantees present very low risks because they are 
backed by collateral of the real goods for which a buyer has already 
been found and prices have been agreed upon.
  The current default rate at the bank is less than 2 percent, much 
lower than commercial banks. Even with the bank's track record of 
extremely low defaults, the bill includes language to ensure that 
default rates stay below 2 percent, and includes corrective action 
requirements if the rate ever goes above that level. The bank does not 
put taxpayers at risk now. Our goal in this bill is to ensure that the 
bank does not put taxpayers at risk in the future either.
  The bill also includes a new transparency provision for large 
transactions and gives the public the opportunity to comment on such 
transactions. The provision seeks to ensure the bank has information it 
needs to confirm it is not supporting transactions used to support 
products that could be used to compete with American companies.
  This provision was crafted in a way that does not impact U.S. 
companies' ability to sell their products and services to global 
customers. Proprietary information, confidential information, and trade 
secrets are absolutely protected in this provision.
  In addition, while many of the large projects supported by the bank 
are known to the market, I want to emphasize that the bank, at its sole 
discretion, has the authority to determine the information disclosed to 
ensure that the competitiveness of American companies is not 
compromised by information provided by the Federal Register notice.
  The legislation also provides information included in the technology 
improvements, a review of the bank's domestic content policy, and 
improvements to the access of textile industries to bank operations. 
This is absolutely necessary in this country. These provisions will 
ensure that our American companies can utilize bank products to compete 
globally.
  This is not a subsidy and is no cost to the taxpayers. That needs to 
be emphasized. The way Ex-Im Bank allows U.S. companies to compete 
globally is an example of how our government can facilitate job growth 
without contributing to the national debt.
  Far from being a handout to corporations, Ex-Im Bank is self-
financing, it turns a profit for the American taxpayer, and it helps 
create jobs here at home.
  Since 2005, the bank has forwarded more than $3.4 billion in profits 
to the Treasury above all costs and loss reserves, including $400 
million in 2011 alone. The legislation before us today ensures that Ex-
Im Bank will continue to turn a profit for American taxpayers.
  Some will say that Ex-Im only benefits large corporations. However, 
small businesses account for 87 percent of Ex-Im's transactions. These 
small business transactions do not include the tens of thousands of 
small- and medium-sized businesses that supply goods to these large 
corporations.
  Dave Ickert, vice president of Air Tractor of Olney, Texas, a small 
business engaged in the manufacturing and sale of agriculture and 
firefighting planes, said at one point in our hearing:

       Ex-Im has contributed to the growth of Air Tractor and 
     helped both create and maintain jobs in Olney, Texas. Ex-Im's 
     support has allowed us to sell aircraft to customers who 
     without that support would not have purchased our product. 
     This is a direct contribution to our growth.

  Air Tractor has 270 employees in a town that has a population of 
3,000. Over 10 percent of the population who are adults work for this 
company in this town. It's the largest employer in

[[Page 6366]]

Olney. Since 1994, when they did the first Ex-Im transaction, their 
export sales have increased from 10 percent of what they produced to 56 
percent. With 56 percent export sales in 2010, there are over 100 
employees at Air Tractor in Olney, Texas, that owe their jobs and have 
their jobs due to use of Ex-Im bank.
  Mr. Ickert said:

       As I have described it before, Olney is three red lights 
     and a Dairy Queen; and the significance of this is that if we 
     can create jobs on Main Street Olney through small business 
     exporting, it can be done in small businesses from California 
     to New York. If we can do it in Olney, Texas, we can do it 
     all over this country.

  Once again, I would like to thank my colleagues from both sides of 
the aisle for coming together to put American jobs before politics. 
Together, we have crafted a strong bill to ensure the bank is able to 
continue to support U.S. companies as they compete globally and, as a 
result, create American jobs.
  I reserve the balance of my time.
  Mrs. McCARTHY of New York. Mr. Speaker, I yield myself as much time 
as I may consume.
  I rise today in support of H.R. 2072, the Export-Import Bank 
Reauthorization Act of 2012. I would also like to thank Majority Leader 
Cantor and Minority Whip Hoyer for their leadership on this bill, as 
well as full committee Chairman Bachus and Ranking Member Frank, and 
certainly my chairman on the subcommittee, Mr. Miller.
  But I also would like to thank all of the staff for their hard work 
on this important legislation, especially Lesli Gooch from Chairman 
Miller's staff and Georgette Sierra from my staff, who worked on this 
for over a year.
  I'm very proud to be supporting the bill before us today. Our Nation 
is at a crossroads. One job at a time, we are gradually emerging from 
one of the worst recessions in living memory. At this moment we can 
either stand in the way of America's ongoing recovery or speed it up. 
American businesses have recently watched their counterparts in other 
countries, like China, become world leaders in exporting. I believe 
strongly that now it's America's turn. It's America's turn to put our 
workers, the best workers in the world, to work in selling their goods 
and services to an untapped global market. It's America's turn to see 
its innovative businesses reach their full potential to grow and create 
local jobs in communities across this country. I'm confident with the 
help from the Export-Import Bank, American businesses can help make our 
Nation an unrivaled world economic leader once again.

                              {time}  1240

  But the clock is ticking, and we must act now.
  The legislation before us brings certainty to many U.S. businesses 
that are anxiously awaiting Congress to reauthorize the bank before the 
May 31 deadline. H.R. 2072 provides a 3-year reauthorization and an 
incremental increase in the bank's exposure limit, allowing the bank to 
meet the increased demand from U.S. export companies. The bill includes 
provisions to enhance the bank's accountability by allotting funds for 
much-needed technology upgrades, requiring the bank to submit a 
business plan and to monitor and report to Congress if their default 
rate goes above 2 percent.
  The Export-Import Bank is the export credit agency of the United 
States, and it provides export financing for American companies when 
private financing isn't available. The bank is critical for helping 
U.S. companies create American jobs and compete in global markets by 
selling their goods and services to foreign buyers. Throughout the 
financial crisis, the bank played a crucial role in ensuring that 
American companies were able to continue exporting when private trade 
financing options were not available. The bank has allowed the United 
States to remain competitive in the global economy by fulfilling its 
mission of creating or sustaining U.S. jobs across the 50 States 
through exports.
  In fiscal year 2011, the bank provided over $30 billion in financing 
to 3,600 companies in the USA which supported nearly 290,000 American 
jobs. Over 80 percent of those transactions were for small businesses, 
like Aerolyusa, Inc., which sells aerospace parts in my own district in 
New York.
  It is important to note that the work of the bank is done at no cost 
to the American taxpayer, as the bank is self-sustaining, funding its 
finance programs and administrative costs from fees and the returns on 
its investments. In fact, the bank returns money to the Treasury, and 
since 2008, it has returned almost $2 billion to the Treasury.
  Foreign governments are aggressively supporting their own exporters 
so that they can dominate new markets and be world leaders in 
exporting. Through the Export-Import Bank's assistance, we will ensure 
that American companies have the tools to be globally competitive and 
will continue to create jobs in the United States and move our economy 
forward. Prominent business organizations such as the National 
Association of Manufacturers, the U.S. Chamber of Commerce, the 
Business Roundtable, and labor understand the important role of the 
bank and support its reauthorization. It shows how we have all worked 
together, with Mr. Miller's help, to bring this bill to the floor.
  In just a few weeks, the bank's charter will expire. Without Congress 
quickly enacting a long-term reauthorization and cap increase, 
thousands--thousands--of American jobs will be lost, and the U.S. 
businesses that rely on bank financing will be in jeopardy.
  I urge my colleagues to support H.R. 2072, which provides the 
certainty that businesses around our country need that rely on the bank 
in order to continue growing and creating jobs here at home through 
exports.
  Mr. GARY G. MILLER of California. I am happy to yield 1 minute to the 
gentleman from Illinois (Mr. Manzullo), a staunch advocate for textile 
exports in this country.
  Mr. MANZULLO. Mr. Speaker, President Reagan taught us you don't 
negotiate from a position of weakness.
  There are over 80 foreign government export credit agencies that 
vigorously support their local companies in winning export sales. We 
cannot unilaterally disarm our manufacturers by ending Ex-Im. That will 
only empower our competitors to snatch away export and job 
opportunities from our companies. Some of these businesses are critical 
to our defense industrial base and need commercial sales to support 
their national security work. Reagan recognized this reality. That's 
why he supported Ex-Im Bank.
  When I chaired the Small Business Committee, I had the opportunity to 
establish the small business desk, or division, at the Export-Import 
Bank. A constituent of mine was able to obtain an $11,000 loan in order 
to start her exporting business from a very tiny company.
  So I would urge my colleagues to vote for the reauthorization in 
order to be a part of helping our manufacturers sell their products 
abroad.
  Mrs. McCARTHY of New York. I yield 5 minutes to the minority whip, 
Mr. Hoyer, and thank him again for his leadership on this issue.
  Mr. HOYER. I want to thank the gentlelady for yielding.
  Mr. Speaker, I am pleased to be here today. We are here as the result 
of the work of some extraordinary staff people, and I want to start by 
mentioning them.
  First of all, I want to congratulate and thank Mr. Miller and his 
staff. I want to thank the staff of the Banking Committee. Mr. John 
Hughes of my staff, formerly of the Banking Committee and the Financial 
Services Committee, has worked tirelessly with an extraordinary policy 
director, Neil Bradley, who works for Mr. Cantor. We worked on this 
matter in a bipartisan fashion. This bill comes to the floor as a 
bipartisan bill, and I am hopeful and believe it will pass with an 
overwhelmingly bipartisan vote.
  Mr. Speaker, today, we are ending the uncertainty for American 
manufacturers waiting for Congress to act by coming together to 
reauthorize the U.S. Export-Import Bank. I want to thank the Republican 
leader, Mr. Cantor, and his staff--and as I mentioned Neil Bradley 
before--for working with Democrats to find common ground and to reach 
an agreement that is supported by both business and labor, Democrats 
and Republicans.

[[Page 6367]]

  I also want to commend Ranking Member Barney Frank of the Financial 
Services Committee and those on his staff: Kelly Larkin, Dan 
McGlinchey, and Kirk Schwarzbach. Carolyn McCarthy, as the ranking 
member, has done such an extraordinary job on this effort, as well as 
Mr. Miller, who chairs the International Monetary Policy and Trade 
Subcommittee. Their hard work has been important in making sure this 
agreement will help American businesses save and create jobs. I also 
want to thank Representative Rick Larsen for his tireless advocacy for 
a long-term reauthorization of the bank.
  In addition, I would be remiss if I did not mention my dear and good 
friend, who is the ranking Democrat on the Appropriations Committee but 
who has been an extraordinary leader in making sure that America 
creates jobs and exports products around the world. He is Mr. Norman 
Dicks. Congressman Dicks, from Washington State, has been working with 
me every day that we've been at these negotiations. I want to thank him 
for his contributions to this outcome.
  For 2 years, Mr. Speaker, House Democrats have been promoting a 
comprehensive jobs plan called Make It in America. Mr. Don Manzullo was 
on the floor, and he has been focused on that. They may not use my 
phrase of ``Make It in America,'' but so many Republicans have been 
focused on trying to build jobs here in America. We've been promoting a 
Make It in America agenda.
  The Export-Import Bank financing is and has been a part of our 
published Make It in America agenda. By financing American companies' 
efforts to export their products overseas, the Export-Import Bank plays 
a direct role, as Chairlady McCarthy has pointed out, in helping our 
businesses expand and hire more employees for well-paying jobs, jobs 
that will not be shipped overseas.
  The Export-Import Bank doesn't cost taxpayers a single penny. In 
fact, it has generated $1.9 billion--$2 billion rounded, as the 
chairlady said--in excess revenues for U.S. taxpayers over the past 5 
years, and it provides a critical service that our companies need to 
access foreign markets on a level playing field. I am encouraged that 
we were able to reach this agreement to increase the Export-Import 
Bank's exposure limit to $120 billion through the end of this fiscal 
year and to raise it to $140 billion over the next 2 years.
  In 2011, financing from the Export-Import Bank helped to create 
nearly 300,000 jobs at 3,600 private companies across America. This is 
a jobs bill, a jobs bill for Americans. Yes, I said 3,600 companies. An 
undermentioned fact is that over 85 percent of the bank's transactions 
are for small businesses. We talk a lot about the large businesses, 
Boeing in particular, which is one of our best exports and job 
creators--but 3,600 businesses, most of which are small businesses. The 
products American workers make are the best in the world.

                              {time}  1250

  American workers and American entrepreneurs can compete with anybody 
in the world if they have a level playing field. This helps get there. 
When that happens, our workers succeed, and that means more of our 
people can make it in America. That's what Americans want to do: they 
want to make it; they want to succeed; they want to have their kids 
have opportunities; and they want to make it. One of the ways we're 
going to Make It in America is to make it in America, manufacture it in 
America, grow it in America, and sell it here and around the world, and 
create jobs here, good-paying jobs for our people. They'll feel better 
about that.
  I urge all of my colleagues to support this legislation. I hope this 
vote is unanimous. It's a vote for America, America's workers, and 
America's ability to compete globally.

                           Ex-Im Bank Support

       Machinists, US Chamber of Commerce, National Association of 
     Manufacturers, Association of Equipment Manufacturers, 
     Business Roundtable, National Foreign Trade Council, Airlines 
     4 America, General Aviation Manufacturers Association, Air 
     Line Pilots Association, National Small Business Association, 
     Small Business Exporters Association, Financial Services 
     Roundtable, Information Technology Industry Council, National 
     Council of State Legislatures, Boeing, Delta.

Labor, Business Urge Support of Export-Import Reauthorization Agreement

       The agreement announced last week on a long-term 
     reauthorization of the Export-Import Bank ends uncertainty 
     for businesses and provides the Export-Import Bank resources 
     needed to keep American manufacturers competitive in a global 
     market. This agreement is an important part of Democrats' 
     Make It In America plan to create an encouraging environment 
     for businesses to innovate and make products here in the 
     U.S., and is supported by everyone from labor to business:
       Thomas Buffenbarger, President of International Association 
     of Machinists and Aerospace Workers: ``The bipartisan bill 
     H.R. 2072 . . . represents a clear break from the Beltway 
     politics that have failed to address the real struggles of 
     ordinary Americans. During this time of intense global 
     competition and persistent high unemployment, U.S. exporters 
     need the critical resources of the Ex-Im Bank. I strongly 
     urge you to support American jobs and to vote for this 
     important legislation.''
       Thomas J. Donohue, President and CEO of the U.S. Chamber of 
     Commerce: ``This is great news for thousands of American 
     workers, businesses of all sizes, and taxpayers, who can 
     cheer the fact that this bill will reduce the deficit by 
     hundreds of millions of dollars. When other countries are 
     providing their own exporters with an estimated $1 trillion 
     in export finance--often on terms more generous than Ex-Im 
     can provide--failure to reauthorize Ex-Im would amount to 
     unilateral disarmament and cost tens of thousands of American 
     jobs. This bill will guarantee a level financial playing 
     field in export markets and ensure transparency in Ex-Im's 
     operations. For that reason, the Chamber urges Congress to 
     swiftly pass this bill to reauthorize Ex-Im.''
       R. Bruce Josten, Executive Vice President for Government 
     Affairs of the U.S. Chamber of Commerce: ``Failure to enact 
     this bill would put at risk the nearly 300,000 American jobs 
     at 3,600 companies that depend on Ex-Im to compete in global 
     markets. Ex-Im is especially important to small- and medium-
     sized businesses, which account for more than 85 percent of 
     Ex-Im's transactions. . . . The Chamber strongly supports 
     H.R. 2072 and urges the House to consider this issue as 
     expeditiously as possible. The Chamber will include votes on, 
     or in relation to, this bill in our annual How They Voted 
     scorecard.''
       Jay Timmons, President and CEO of National Association of 
     Manufacturers (NAM): ``The bill announced today to 
     reauthorize the Bank and increase its lending cap brings us a 
     step closer to protecting these jobs and will be a vital tool 
     for small manufacturers exporting to new markets. It is 
     essential to manufacturers' global competitiveness, and we 
     are pleased that Majority Leader Cantor and Minority Whip 
     Hoyer have come together on an authorization. . . . We urge 
     all members of the House to support this jobs legislation, 
     and we hope the Senate will also move forward quickly. The 
     Ex-Im Bank means jobs and increased exports, which will help 
     us grow our economy and remain competitive.''
       Doug Oberhelman, Chairman and CEO of Caterpillar Inc., and 
     Chair of Business Roundtable's International Engagement 
     Committee: ``The Ex-Im Bank is critical to the ability of 
     U.S. companies--large and small--to compete on a level 
     playing field against overseas competitors who have access to 
     similar export credit programs. . . . Failure to reauthorize 
     the Ex-Im Bank on a long-term basis and at appropriate credit 
     levels would disadvantage U.S. businesses competing for sales 
     in foreign markets, potentially putting thousands of U.S. 
     jobs at risk.''
       Tim Keating, Senior Vice President of Government Operations 
     of The Boeing Company: ``. . . H.R. 2072 is bipartisan 
     legislation authorizing EXIM to operate for the next three 
     years and raising the Bank's lending authority to $140 
     billion. The legislation also contains a number of important 
     initiatives and reforms that will strengthen Congress's 
     ability to oversee the Bank's operations and improve the 
     transparency of the Bank's transactions. . . . 
     Reauthorization of the EX-IM Bank is critical to the ability 
     of U.S. exporters to compete on a level playing field in a 
     commercial market where current and future competitors 
     continue to enjoy aggressive support from their countries' 
     export credit agencies. I urge your strong support for H.R. 
     2072.''
       Andrew Liveris, Chairman and CEO of The Dow Chemical 
     Company: ``I am writing to urge you to support the pending 
     legislation to reauthorize the Export-Import (ExIm) Bank. The 
     proposed draft three-year reauthorization with a graduated 
     cap to $140 billion provides certainty and support for 
     America's exporters. . . . I urge your favorable vote to 
     support and sustain American jobs, boost small businesses, 
     and expand export opportunities for U.S. companies.''
       Capt. Lee Moak, President of the Air Line Pilots 
     Association, International: ``This is a

[[Page 6368]]

     positive move toward leveling the playing field for U.S. 
     airlines and their workers in the global marketplace. The 
     reauthorization bill will aid in ending subsidies for 
     widebody airplanes. This action will help to level the 
     playing field for U.S. airlines that compete with foreign 
     airlines, including many that are state-sponsored, that buy 
     U.S.- and European-manufactured planes at below-market rates 
     unavailable to U.S. and many European airlines. This 
     subsidized financing gives our foreign competitors a 
     significant cost advantage, allowing them to drive U.S. 
     airlines out of international routes and costing airline 
     workers' jobs.''
       Nicholas Calio, President and CEO of A4A: ``We appreciate 
     the hard work of Republican House Majority Leader Eric Cantor 
     and Democratic House Minority Whip Steny Hoyer, who 
     negotiated a bipartisan agreement that ensures increased 
     transparency in the Ex-Im bank's lending practices, calls for 
     greater economic impact analysis of loans and would implement 
     other important reforms, and we urge passage of the 
     agreement.''
       Pete Bunce, President and CEO of General Aviation 
     Manufacturers Association: ``General aviation jobs will be 
     put in jeopardy if the Export-Import Bank is not 
     reauthorized. Furthermore, general aviation manufacturing is 
     one of the few remaining industries that contribute 
     positively to the U.S. balance of trade. Our member companies 
     have dramatically increased their use of Export-Import Bank 
     financing over the past several years. Continued lending 
     authority is essential to the success of general aviation 
     manufacturing to compete globally. . . . We appreciate the 
     bi-partisan effort in the House to move this legislation and 
     we urge every House member to support it. We also call on the 
     Senate to act quickly in order to avoid any lending 
     disruption.''
       Letter from Local Chambers of Commerce: ``Without Ex-Im 
     reauthorization, our country's exporters won't be able to 
     compete effectively in the global marketplace. We urge you to 
     join us in supporting swift Ex-Im Bank reauthorization.''
       John Hardy, Jr., President of Coalition for Employment 
     through Exports (CEE) and William Reinsch, President of 
     National Foreign Trade Council (NFTC): ``[We] write in 
     support of H.R. 2072, the Securing American Jobs Through 
     Exports Act of 2011, and strongly [urge] your affirmative 
     vote for reauthorizing the Export-Import Bank of the U.S. H.R 
     2072's three year extension provides assurance of Ex-Im 
     Bank's continued critical presence in the global export 
     market, its lending limit provides adequate flexibility for 
     the Bank to respond to market demands, and it contains 
     increased taxpayer protections to ensure the continued 
     viability of the Bank.''
       Cass Johnson, President of National Council of Textile 
     Organizations (NCTO) and Kevin Burke, President & CEO, 
     American Apparel & Footwear Association (AAFA): ``[We] write 
     in strong support of H.R. 2072--Securing American Jobs 
     Through Exports Act of 2011. In addition to re-authorizing 
     the Export-Import Bank. . . . the legislation contains 
     provisions that will create important new avenues of 
     financing for the textile and apparel global supply chain.''

  Mr. GARY G. MILLER of California. Mr. Speaker, I yield 2 minutes to 
the gentlelady from New York (Mrs. McCarthy).
  Mrs. McCARTHY of New York. Mr. Speaker, I wish to engage the chairman 
of the subcommittee in a colloquy regarding section 9 of the bill 
relating to a new notice and comment period for bank transactions over 
$100 million. Specifically, I wish to inquire of the chairman the scope 
of the bank's ability to exclude from the notice required to be 
published in the Federal Register information that is proprietary or 
confidential that would violate the Trade Secrets Act or would 
jeopardize jobs in the U.S. by supplying information which competitors 
could use to compete with companies in the U.S.A.
  I yield to the chairman for his response.
  Mr. GARY G. MILLER of California. Mr. Speaker, I thank my colleague 
for her inquiry.
  The bill requires Federal Register notice include the identities of 
the obligor, principal supplier, and guarantor. In addition, the notice 
is to include a description of the item being financed. However, that 
description must be constructed in a way as to not disclose proprietary 
or confidential information or information that would violate or 
otherwise requires disclosure of a trade secret as defined by the Trade 
Secrets Act, or information that would jeopardize jobs in the U.S. by 
supplying information which competitors could use to compete with 
companies in the U.S.
  When determining what description to use in describing an item being 
financed, the bank must take into account the totality of the Federal 
Register notice. For example, the description of the item should be 
done in a way that when combined with the name of the principal 
supplier, information is not disclosed which foreign competitors could 
use to compete against U.S. suppliers, thereby jeopardizing jobs in the 
U.S.
  Mrs. McCARTHY of New York. Mr. Speaker, if I may, I would like to 
inquire of the chairman further.
  What is the expectation with respect to the amount of time 
transactions might be delayed as a result of the new notice and comment 
period?
  Mr. GARY G. MILLER of California. Mr. Speaker, I thank my colleague 
for her inquiry.
  The bill requires that the public be given not less than 25 days for 
the submission of comments prior to the board's consideration of the 
proposed transaction. Upon the conclusion of those 25 days, the bank 
should expeditiously prepare materials submitted in public comments for 
consideration by the board. Transactions in excess of $100 million are 
currently subject to review by the Congress for 25 days a session, 
which can be longer than 25 calendar days, as our intent is that the 
board proceed with consideration of a pending application as soon as 
legally and practically possible.
  Mrs. McCARTHY of New York. I thank the chairman.
  Mr. Speaker, I yield 1 minute to the gentleman from Massachusetts 
(Mr. Neal).
  Mr. NEAL. I thank the gentlelady.
  Mr. Speaker, I rise in support of this bill in that it reauthorizes 
the Export-Import Bank for 3 years. It ends uncertainty for business 
and provides the resources necessary to keep American manufacturers 
competitive in the global market--$32 billion in financing to thousands 
of companies, which supports 290,000 jobs.
  In Massachusetts, the Ex-Im Bank works with InteliCoat Technologies, 
a manufacturer of coated paper in South Hadley, that employs 100 
people. It also has an important role with Wyman-Gordon, a manufacturer 
in the aerospace industry located in North Grafton, Massachusetts, with 
almost 600 employees.
  This is critical support that is offered for American employers who 
seek to level the playing field against global competitors. It's 
supported broadly by labor and business, and I urge all of us to 
support H.R. 2072.
  Mr. GARY G. MILLER of California. Mr. Speaker, it is my honor to 
yield 2 minutes to the gentleman from Missouri, my friend, Mr. 
Luetkemeyer.
  Mr. LUETKEMEYER. Mr. Speaker, I thank the gentleman from California 
(Mr. Miller), and I rise today in support of H.R. 2072, the Securing 
American Jobs Through Exports Act.
  There's been a lot of distracting talk surrounding reauthorization of 
the Export-Import Bank. So I would like to be clear. This is a jobs 
bill. The Ex-Im financing helps provide jobs for employees of U.S. 
manufacturers and small businesses, all at no cost to taxpayers. In 
fact, this government program actually makes money and returns it to 
the Treasury.
  Critics say that Ex-Im lending only benefits the Nation's largest 
corporations, but this is simply not the case, as the minority whip 
just indicated a moment ago.
  I have five companies in my district that benefit from Ex-Im Bank 
financing. Not one of them is a multinational corporation and none have 
received millions and millions and millions of dollars. It's because of 
the support of Ex-Im that they have been able to grow their businesses, 
hire employees, and increase their exports.
  One of those small businesses had this to say about Ex-Im:

       For the last 5 years, Ex-Im has supported 17 percent of our 
     export sales. That converts to 10 full-time jobs for 5 years. 
     Our employees and their families rely on Ex-Im financing to 
     support our export sales.

  This isn't the testimony of a Fortune 100 CEO. This is the voice of a 
family-run, multigenerational small business that relies on Ex-Im to 
help manage the risk of extending credit to buyers outside the U.S. 
This is a manufacturer that during the housing crisis had to lay off 
three-quarters of its employees, but thanks in large part to Ex-Im, 
financing was able to survive the downturn, and it started to grow 
again.

[[Page 6369]]

  I want to remind my colleagues that this bill also makes meaningful 
reforms to the Export-Import Bank. Despite the fact that the bank has 
an incredibly low default rate--less than 2 percent--this bill takes 
additional steps to protect taxpayers and reduce export subsidies over 
time.
  I commend Majority Leader Cantor for creating a bill that 
simultaneously helps to create jobs and mandates reform, and I urge all 
my colleagues to support this legislation.
  Mrs. McCARTHY of New York. Mr. Speaker, I yield 1 minute to the 
gentleman from Washington (Mr. Larsen).
  Mr. LARSEN of Washington. Mr. Speaker, I rise today to urge my 
colleagues to vote in favor of H.R. 2072, the Securing American Jobs 
Through Exports Act.
  The Export-Import Bank creates jobs, reduces our trade deficit, and 
helps to lower our national debt. It's a tool that our manufacturers--
both large and small--use to expand their sales to customers around the 
world so they can keep creating jobs here at home.
  In Washington State's Second Congressional District, the Ex-Im Bank 
has helped finance the sale of more than $22 billion in exports from 13 
companies, including, importantly, seven small businesses.
  Last week, I sat down with three businesses in my district that have 
used the bank. The CEO of one of these companies told me the bank has 
been indispensable in allowing their business to grow and support 25 
full-time employees.
  I was very pleased to introduce a bipartisan bill earlier this year 
with Congressman Manzullo to reauthorize and expand the Ex-Im Bank and 
am very happy that Whip Hoyer and Leader Cantor were able to work out 
this sensible, bipartisan agreement that is largely in line with the 
bill I introduced, H.R. 4302.
  I call on my colleagues to pass this bill so we can keep America open 
for business.
  I urge my colleagues to vote in favor of H.R. 2072, the Securing 
American Jobs Through Exports Act.
  The Export-Import Bank creates jobs.
  It reduces our trade deficit.
  And helps to lower our national debt.
  It is a tool that our manufacturers, both large and small, use to 
expand their sales to customers around the world so they can keep 
creating jobs here at home.
  In Washington's 2nd Congressional District, the Ex-Im Bank has helped 
finance the sale of more than $22 billion in exports from 13 companies, 
including 7 small businesses.
  Last week I sat down with three businesses in Whatcom County that 
have used the Bank.
  They told me the Bank is a critical tool, without which they would 
not be able to sell overseas.
  The CEO of one of those companies, Western Chemical in Ferndale, 
Wash., which makes fish health products, told me the Bank has been, 
quote, ``indispensable in allowing our business to grow to $2M in 
annual Washington State exports this year and $5 million next year and 
supports 25 full-time employees.''
  The Bank also supports our much larger exporters.
  Hundreds of the women and men who make the Boeing 767, 777, and new 
787 aircraft in Everett, Wash., recently wrote me urging Congress to 
reauthorize the Bank because their jobs and our local economy rely on 
it.
  The Ex-Im Bank has been so successful in recent years in boosting our 
exports that its lending authority needs to be expanded to keep up with 
our growing manufacturers.
  I was proud to introduce a bipartisan bill earlier this year with 
Congressman Manzullo to reauthorize and expand the Ex-Im Bank.
  I am pleased that Whip Hoyer and Leader Cantor were able to work out 
this sensible, bipartisan agreement that is largely in line with the 
bill I introduced, H.R. 4302.
  I know some of the critics of this bill will call this corporate 
welfare and say it is government manipulating in the market.
  The fact of the matter is every other major economy has a similar 
export-promotion program, and if we were to let the Ex-Im Bank expire, 
it would only help foreign companies at the expense of American exports 
and American jobs.
  Not only that, but the Ex-Im Bank is an investment that pays 
dividends back to the U.S. taxpayer, helping to reduce our deficit by 
$1.9 billion in the last five years alone.
  Thousands of workers in my district and around the country depend on 
the Ex-Im Bank for their jobs.
  I thank Whip Hoyer and Leader Cantor for their work on this bill, as 
well as Congressman Manzullo for his work with me on this issue.
  I call on my colleagues to pass this bill so we can keep America open 
for business.
  Mr. GARY G. MILLER of California. Mr. Speaker, I am pleased to yield 
2 minutes to the gentleman from Illinois, the vice chair of the 
subcommittee, Mr. Dold.
  Mr. DOLD. I thank the gentleman for yielding.
  I certainly think this is an important topic because we talk about 
jobs and the economy as the number one issue that we face in this 
country.
  Today I'm pleased to come down and rise in support of the Ex-Im Bank, 
as it is something that I think is vital, something that we worked on 
in a bipartisan fashion through the committee, and something that I 
think all of our colleagues should be supporting.
  When we look at what the Ex-Im Bank does, most of us think oftentimes 
about large businesses, whether it be Boeing or others. The fact still 
remains that certainly across the country--and I know in my district, 
the 10th District of Illinois--83 percent of all the loans actually go 
to small business, but it does help big businesses.
  Back in my district, we have one of the largest manufacturing 
districts in the country. Over 93,000 employees are in manufacturing, 
and well over 50,000 of those employees rely upon exports. The world 
today is flatter than it's ever been, and we need to make sure that our 
companies are competitive in the global marketplace. Again, I want to 
emphasize, 83 percent of those loans go to small businesses. But we can 
take a look at the big businesses, and we can take a look at Boeing. 
When a Boeing Jetliner 777 lands anywhere in the world, it lands with 
the help of 22,000 small businesses. Most of them are right here at 
home.
  So when the minority whip talks about making it here in America, we 
do want to make it here in America. We want to make sure that American 
workers have a level playing field, and we want to sell American all 
over the globe. We want to make sure that we are giving them the 
opportunity. The Ex-Im Bank is going to be done at no cost to the 
taxpayer. We're going to bring dollars actually into the Federal 
Treasury. We want to make sure that we're giving our businesses an 
opportunity to compete, because what this is about is making sure we 
can sell American all over the globe. So I want to urge my colleagues 
to support this bill.
  In 2011 alone, the bank supported over 288,000 American jobs and 
helped finance over 3,600 American companies. This is an important 
piece of legislation, and one that we should all be able to get behind. 
With every $1 billion of exports, they say 7,200 jobs are created. This 
is a jobs bill. When we talk about jobs and the economy, this is the 
time. I urge my colleagues to support it.

                              {time}  1300

  Mrs. McCARTHY of New York. Mr. Speaker, I yield 1 minute to the 
gentleman from Michigan (Mr. Levin), the ranking member of the Ways and 
Means Committee.
  Mr. LEVIN. I urge a ``yes'' vote.
  The Wall Street Journal calls support for the Export-Import Bank 
``job creation, French style.'' I'm not sure why they pick on the 
French.
  While the House Republicans have been agonizing about acting, export 
powerhouses like China have been dramatically increasing their export 
financing programs. Over the past year, China issued four times the 
amount invested by the U.S. And China is not alone. Germany, France, 
and India all provided at least seven times more export assistance, as 
a share of GDP, than the U.S.
  The rigid attitude of The Wall Street Journal is that, if the other 
side rigs the field of competition, you should do nothing. They believe 
that those nations will only hurt themselves if they act and that it 
will all work out in the wash in the end. The problem is that, in the 
meanwhile, you drown.
  I urge a ``yes'' vote.
  Mr. GARY G. MILLER of California. I am pleased to yield 2 minutes to 
my

[[Page 6370]]

good friend from California (Mr. Campbell).
  Mr. CAMPBELL. I thank my good friend for yielding, Mr. Speaker.
  It seems that, oftentimes around here, there are some people who 
believe that all government programs are good and are not to be 
expanded and are to be kept, and there are some who believe that all 
government programs are bad and that they all ought to be terminated. 
But you know what? Neither one of those extremes are right. You should 
look at a program and determine: Is it constitutional? Is it cost-
effective? And does it work? The Ex-Im Bank is all three, and I would 
like to make five points on that.
  First of all, it is clearly a Federal responsibility to facilitate 
exports, something clearly enumerated in the Federalist Papers by 
Alexander Hamilton.
  Second of all, in the perfect world, perhaps we wouldn't have to do 
this. In a perfect world, we wouldn't have to have airport security; 
but we do, for obvious reasons. And we have to have this because lots 
of other countries do, and we will not be competing on a level playing 
field and we will lose exports if we don't have this facility available 
for American companies exporting goods.
  Third, it hasn't cost the taxpayer any money. It's actually made $3.7 
billion for the taxpayer. We're always talking about programs here that 
cost the taxpayer money. This hasn't, it doesn't, and it won't. And 
that is something that should be clear.
  Fourth, there's nothing wrong with big businesses. In America, we 
normally reward success. We celebrate success. And a big business is 
successful. But the fact is that 87 percent of the transactions from 
Ex-Im Bank are to small businesses. If you were to see the roughly 
dozen businesses in my district that have accessed Ex-Im Bank loans for 
exports, none of you would have heard of any of them--and I haven't 
heard of most of them--because they are very small businesses, and 
those people are benefiting from this.
  And fifth, Ex-Im Bank loans support roughly 300,000 U.S. jobs that 
produce those goods that are exported under these loans. On this day, 
when we are looking for jobs in this country, these are 300,000 jobs 
supported by a bank that doesn't cost the taxpayer any money, that 
returns money to the taxpayer, and it is clearly part of the original 
intent.
  We should vote for this bill.
  Mrs. McCARTHY of New York. Mr. Speaker, I yield 1 minute to the 
gentleman from Washington (Mr. Dicks), the ranking member of the 
Appropriations Committee.
  Mr. DICKS. I thank my friend for yielding to me.
  I want to associate myself with Mr. Campbell's very accurate 
comments.
  Let me begin by extending my deepest thanks to one of my best 
friends, the minority whip, Mr. Hoyer, for his tireless efforts to 
reach an agreement with the majority on this bill. And I also 
appreciate the work of the majority leader, Mr. Cantor, on this bill. 
Without their personal commitment, time, and effort to this bill, I do 
not believe that we would be here today to pass this important 
legislation, which would have been an absolute disaster for the economy 
of the United States.
  I have been a supporter of the Export-Import Bank since I arrived in 
Congress in 1977.
  Simply put, the Ex-Im Bank supports the sale of American-made 
products overseas when private financing is not available. According to 
the Ex-Im Bank's 2011 annual report, the bank supported $32.7 billion 
in exports last year and over 288,000 American jobs. Many of these jobs 
are in the Pacific Northwest and in my congressional district.
  The SPEAKER pro tempore. The time of the gentleman has expired.
  Mr. DICKS. The important point is, let's vote for this bill.

       Dear Representative Dicks: I write to ask for your support 
     for H.R. 2072, the Securing American Jobs Through Exports Act 
     of 2011, which reauthorizes the U.S. Export-Import (EXIM) 
     Bank. EXIM is the official export credit agency of the U.S. 
     and assists U.S. businesses in financing the export of goods 
     and services around the world. EXIM's charter expires on May 
     31, 2012 and failure to reauthorize its operations in the 
     weeks ahead could put at risk billions of dollars in U.S. 
     exports and tens of thousands of American jobs.
       Thanks to the efforts of Congressman Cantor, Congressman 
     Hoyer and numerous Members of the House, H.R. 2072 is 
     bipartisan legislation authorizing EXIM to operate for the 
     next three years and raising the Bank's lending authority to 
     $140 billion. The legislation also contains a number of 
     important initiatives and reforms that will strengthen 
     Congress's ability to oversee the Bank's operations and 
     improve the transparency of the Bank's transactions. 
     Reauthorization of EXIM is backed by a wide range of 
     associations and third parties including the National 
     Association of Manufacturers, the IAM, the U.S. Chamber of 
     Congress and the Business Roundtable.
       Support for EXIM reauthorization translates into U.S. jobs. 
     In Fiscal Year 2011, the Bank reports that it supported more 
     than $40 billion in exports helping to create or sustain an 
     estimated 290,000 direct and indirect U.S. jobs at more than 
     3,600 small and large companies. And more than 80% of the 
     Bank's transactions support U.S. small businesses. In 
     addition, EXIM is financially self-sustaining and actually 
     contributes to reducing the Nation's deficit. Since the Bank 
     was last reauthorized in 2006, it has returned more than $3 
     billion to the U.S. Treasury beyond the costs of its 
     operations.
       Reauthorization of the EXIM Bank is critical to the ability 
     of U.S. exporters to compete on a level playing field in a 
     commercial market where current and future competitors 
     continue to enjoy aggressive support from their countries' 
     export credit agencies.
       I urge your strong support for H.R. 2072.
           Sincerely,

                                                  Tim Keating,

                                 Senior Vice President, Government
                                   Operations, The Boeing Company.
  Mr. GARY G. MILLER of California. I am pleased to yield 1 minute to 
the gentleman from Virginia (Mr. Cantor), the distinguished majority 
leader.
  Mr. CANTOR. I thank the gentleman from California.
  Mr. Speaker, I rise today to speak in favor of H.R. 2072, Securing 
American Jobs Through Exports Act of 2011.
  Make no mistake, I am no fan of government subsidies. Export 
subsidies distort the free market and global trade. And in a perfect 
world, the Ex-Im Bank, along with its counterparts in Europe, Asia, and 
elsewhere, would not exist.
  But like any other barrier to free trade, the best way to level the 
playing field and open up markets is through negotiation. Our country 
has long had a policy to negotiate an end to barriers which prevent the 
free flow of goods and services. And now, Mr. Speaker, for the first 
time, with this bill, it will be U.S. policy to initiate and pursue 
negotiations to end government export subsidies. This is not just a 
worthwhile goal; it is actually an achievable one.
  Now, I know some suggest that we shouldn't negotiate and that we 
should just shutter the Export-Import Bank right now, that we shouldn't 
pass the bill, but I would tell my colleagues that I believe that 
amounts to unilateral disarmament. American businesses and American 
workers would suffer from unfair competition with subsidized foreign 
competitors. This bill, with these reforms, offers a better way.
  As important as ensuring that we do not unilaterally disarm American 
business is, bringing strong, necessary reforms to the Export-Import 
Bank to protect American taxpayers is equally important. I am pleased 
to say that this bill accomplishes both.
  The bill requires Ex-Im Bank to keep default rates below 2 percent. 
If the bank's default rate exceeds 2 percent, access to any additional 
capital is shut off while corrective action to bring the default rate 
below 2 percent would be instituted. If the Ex-Im Bank fails to fix the 
problem within 6 months, an audit will be conducted by an independent 
third party to recommend both to Congress and the Treasury Secretary 
necessary fixes.
  The legislation, Mr. Speaker, includes numerous other reforms, 
including a risk management review, business plans, and an ``anti-
Solyndra'' provision to protect taxpayers.
  Mr. Speaker, in urging support of this bipartisan legislation, I 
would like to recognize two colleagues in particular: Gary Miller, the 
gentleman from California, and Steny Hoyer, the Democratic whip from 
Maryland. Their hard work helped produce a bill that helps American 
business while also protecting American taxpayers.
  I urge passage of this bill.
  Mrs. McCARTHY of New York. Mr. Speaker, I yield 1\1/2\ minutes to my 
colleague, the gentlelady from New York (Mrs. Maloney).

[[Page 6371]]


  Mrs. MALONEY. I thank my great friend and colleague from the great 
State of New York for yielding me time and for her leadership on so 
many important areas before this Congress.
  I rise in strong support of the Export-Import Bank Reauthorization 
Act. I would also like to commend the Democratic whip, the 
distinguished leader from Maryland, Steny Hoyer, for working with the 
other side of the aisle to bring this bill to the floor today with a 3-
year reauthorization and an increase in the Ex-Im Bank's exposure cap. 
I hope that we'll see more of this type of cooperation on important 
legislation from both sides of the aisle, as we have seen on this bill.

                              {time}  1310

  The Ex-Im Bank has provided $32.7 billion in financing and supported 
290,000 jobs across our great country. Eighty percent of those 
companies that were supported were small businesses--and at no 
additional cost to the taxpayer.
  It is critical to America and critical to districts such as mine in 
New York. The bank has financed $1.7 billion in export sales in my 
district alone and $4.4 billion in the State of New York over the past 
5 years. And the bank supports 128 firms in my district, either 
directly or indirectly. These are jobs for my constituents, and it is 
critically important that we reauthorize this bank before its charter 
expires at the end of the month.
  Some important changes and improvements have been made to the bill 
over the past few weeks that will strengthen taxpayer protection 
provisions and that will enhance transparency at the bank. So I commend 
my colleagues, and I urge support for this bill. I hope we see more 
examples of bipartisan support on important projects, as we're seeing 
today.
  Mr. GARY G. MILLER of California. I am pleased to yield 1 minute to 
my good friend, a forceful conservative voice in Congress, the 
gentleman from California (Mr. McClintock).
  Mr. McCLINTOCK. I thank the gentleman for yielding to a dissenting 
point of view.
  Mr. Speaker, this program dragoons American taxpayers into 
subsidizing loans to foreign companies, making it cheaper for them to 
buy products from politically favored companies, which in turn use 
those products to compete against less-favored American companies. Past 
beneficiaries include such upstanding enterprises as Solyndra and 
Enron.
  Since 2007, almost half of its money goes to support that plucky 
little start-up called Boeing. Air India got $5 billion to purchase 
Boeing aircraft, allowing them to undercut American carriers like Delta 
with their own tax money.
  We're told we need this to compete with other nations that do the 
same thing. Well, Mr. Speaker, if other nations want to impoverish 
themselves in this manner, we don't need to imitate them.
  We're told this doesn't cost the taxpayers money, and the last few 
years this turned to profit. Well, that's what they told us about 
Fannie Mae and Freddie Mac--until they blew up in our face.
  Legitimate companies have plenty of access to private capital. They 
don't need these subsidies. The illegitimate ones shouldn't be propped 
up with the hard-earned dollars of working taxpaying Americans.
  Mrs. McCARTHY of New York. I yield 1 minute to my colleague, the 
gentleman from Pennsylvania (Mr. Fattah).
  Mr. FATTAH. I thank the gentlelady.
  I want to commend Steny Hoyer and Eric Cantor, the majority leader, 
for their work on this.
  I rise as a long-time supporter of the Ex-Im Bank, and particularly 
in the last few months they've done over $17 billion in sales, financed 
with some $14 billion. And no tax dollars involved. I would like to 
commend the work particularly of the first vice president, Wanda 
Felton, who is a graduate of my alma mater, the University of 
Pennsylvania, and also a graduate of Harvard Business School, helping 
to lead this agency.
  They're doing tens of millions of transactions with companies in my 
district and they're doing billions throughout the country, with 
129,000 jobs just in the last 11 months supported through this agency.
  This is an important vote. I thank the bipartisan leadership of the 
Congress for bringing this agreement to move forward and reauthorize 
the Ex-Im Bank.
  Mr. GARY G. MILLER of California. I am pleased to yield 1 minute to 
the gentleman from Pennsylvania (Mr. Kelly).
  Mr. KELLY. I thank the gentleman.
  In a perfect world we wouldn't be having this discussion. And in my 
office, I have a really attractive little snow globe that is very nice. 
You turn it upside down and the snow drifts down on this beautiful 
little scene in Washington. It would be nice if the global economy 
worked that way. But actually, we're in a global economy that you'd 
better be able to swim with the sharks, and you better have the same 
set of teeth that they have.
  So when we talk about the Ex-Im Bank and the advantages of what we're 
trying to put together for our companies, we're asking these people, 
we're urging them, and we're encouraging them to make capital 
investments to go out and hire people and expand their markets. And 
we're saying, We're going to send you into battle, but by the way, 
you're not going to have the same tools and the same weapons that other 
people have.
  So this is such a commonsense approach to what we're facing. Again, I 
say in a snow globe world it would be wonderful to sit back, where 
everybody played by the rules, everybody played fair, and we could 
compete on an equal basis without everybody getting gamed. That's not 
the way it works. We know what we need to do. If we're really going to 
create jobs, if we're going to move this economy, if we're going to do 
the things that we need to do to create the revenues that we need to 
create to fund this wonderful government of ours, then we've got to 
look at this Ex-Im bill and pass it.
  Mrs. McCARTHY of New York. Mr. Speaker, I would like to remind 
everybody that in the Fourth Congressional District in California, $752 
million in financing support came from the Export-Import Bank.
  With that, I reserve the balance of my time.
  The SPEAKER pro tempore. The gentleman from California has 1\1/2\ 
minutes remaining. The gentlewoman from New York has 3 minutes 
remaining.
  Mr. GARY G. MILLER of California. We have the right to close, I 
believe. I would be happy to reserve so the gentlelady could close.
  Mrs. McCARTHY of New York. Mr. Speaker, I yield myself the remaining 
time.
  Number one, I want to say how wonderful it has been working with you, 
and certainly your staff. Over the last past year we have worked 
together, and I think that's a great example for the rest of this 
Chamber, to be very honest with you.
  We certainly care about this bill passionately. I think it's 
important for the American people. It comes back to American jobs. And 
that's what it is. I think the majority of our Members here in Congress 
will see that. This is something that's important for our workers and 
our companies--to be able to have the ability to compete with those 
countries that are doing exporting. We need to stand behind our 
businesses. We need to stand behind, certainly, our workers.
  With that, Mr. Speaker, I thank, again, everybody that has been 
involved in this, and I yield back the balance of my time.

                                      The Small Business Exporters


                             Association of the United States,

                                                   Washington, DC.
     House of Representatives,
     Washington, DC.
       Dear Representatives: NSBA and its international trade 
     arm--the Small Business Exporters Association--has been 
     outspoken advocates for a long-term reauthorization and 
     increased exposure cap for the U.S. Export-Import (ExIm) 
     Bank. On behalf of the small businesses that rely on Ex-Im 
     for much-needed financing and credit insurance, I urge 
     members to support the bi-partisan bill, H.R. 2072, the 
     Securing American Jobs Through Exports Act of 2011, when it 
     is considered under the suspension calendar later this week.

[[Page 6372]]

       Ex-Im Bank is an independent federal agency that helps 
     create and maintain U.S. jobs by filling gaps in private 
     export financing at no cost to American taxpayers. The Bank 
     provides a variety of financing mechanisms, including working 
     capital financing, export-credit insurance and financial 
     guarantees to help foreign buyers purchase U.S. goods and 
     services.
       We applaud House Majority Leader Eric Cantor and House 
     Minority Whip Steny Hoyer for their dedication and bipartisan 
     efforts to settle on a compromise to reauthorize Ex-Im's 
     charter to 2014 and raise its loan exposure cap incrementally 
     to $140 billion. The three-year extension cap gradually 
     increases from $120 billion for the remainder of 2012, to 
     $130 billion in 2013 and ultimately reaches $140 billion for 
     2014, provided certain default requirements are met.
       Ex-Im Bank remains a catalyst for the expansion of small-
     business exports while continuing to support businesses 
     confronting aggressive foreign competition. In fact, for FY 
     2011, Ex-Im Bank set a record in its support of small 
     business at $6 billion--an increase of more than 20 percent 
     since 2010. Furthermore, in 2011 alone, Ex-Im Bank supported 
     290,000 jobs and $41 billion in exports.
       Absent Congressional action, the Bank's authorization will 
     not only expire at the end of this month but it will have 
     bumped up against its $100 billion cap and be unable to take 
     on further transactions in the pipeline. Any uncertainty 
     could have a devastating effect on small businesses' ability 
     to follow through on sales even though there are buyers who 
     want their products.
       Ex-Im Bank enables U.S. companies--large and small--to turn 
     export opportunities into real sales, thus maintaining and 
     creating U.S. jobs and contributing to a stronger national 
     economy. We strongly urge you to support H.R. 2072 and 
     approve this compromise legislation without further delay.
           Sincerely,
                                                   Todd McCracken,
     President and CEO.
                                  ____

                                                      May 8, 2012.
     Hon. Steny H. Hoyer,
     House of Representatives,
     Washington, DC.
       Dear Congressman Hoyer: The Coalition for Employment 
     through Exports (CEE) and National Foreign Trade Council 
     (NFTC) write in support of H.R. 2072, the Securing American 
     Jobs Through Exports Act of 2011, and strongly urges your 
     affirmative vote for reauthorizing the Export-Import Bank of 
     the U.S. H.R 2072's three year extension provides assurance 
     of Ex-Im Bank's continued critical presence in the global 
     export market, its lending limit provides adequate 
     flexibility for the Bank to respond to market demands, and it 
     contains increased taxpayer protections to ensure the 
     continued viability of the Bank.
       This revenue generating agency provides critical support 
     for American exporters seeking a level playing field against 
     global competitors which have the aggressive support of their 
     own export credit agencies. Ex-Im Bank provides financing to 
     prospective foreign buyers of U.S goods and services who also 
     have the option of purchasing foreign goods backed by other 
     export credit agencies (ECAs). Instead of providing subsides 
     and corporate welfare, Ex-Im charges fees and interest to the 
     users of these programs, resulting in a net profit for the 
     U.S. Treasury.
       Over 86% of the transactions Ex-Im supported in 2011 helped 
     small businesses. Ex-Im Bank is uniquely able to provide 
     support for small business owners who are less familiar with 
     the global economy. The Bank is able to ensure that these 
     companies have access to foreign markets and thus can grow 
     their businesses and support jobs in their local communities. 
     In 2011, Ex-Im Bank supported over $6 billion in small 
     business exports and they are on track to grow that number in 
     2012.
       Ex-Im Bank is a demand driven institution that responds to 
     the needs of American exporters. Other governments are now 
     expanding their own ECAs to help stimulate their economies 
     and H.R. 2072 will enable Ex-Im Bank to ensure that American 
     companies have similar support. As long as a company--
     regardless of size or type of product--fits the Bank's 
     requirements, such as reasonable assurance of repayment, the 
     Bank will provide financing support to that company.
       The Bank does not compete with the private sector, but 
     fills needed gaps in private sector financing to increase 
     U.S. companies' ability to export.
       H.R. 2072 also encourage the Bank to take into account the 
     reality of our innovative economy by increasing support for 
     services and high-tech jobs while continuing its strong 
     support for manufacturing jobs.
       CEE and NFTC urge your vote in support of H.R. 2072, a 
     critical jobs bill that will strengthen the U.S. economy.
           Sincerely,
     John Hardy Jr.,
       President, Coalition for Employment through Exports.
     William A. Reinsch,
       President, National Foreign Trade Council.
                                  ____

                                                      May 8, 2012.
     Hon. John Boehner,
     Speaker of the House, House of Representatives, Washington, 
         DC.
     Hon. Eric Cantor,
     Majority Leader, House of Representatives, Washington, DC.
     Hon. Nancy Pelosi,
     Minority Leader, House of Representatives, Washington, DC.
     Hon. Steny Hoyer,
     Minority Whip, House of Representatives, Washington, DC.
       Dear Speaker Boehner, Majority Leader Cantor, Minority 
     Leader Pelosi, and Minority Whip Hoyer: We are writing to 
     express our support for the Securing American Jobs Through 
     Exports Act of 2011 (H.R. 2072), which reauthorizes the U.S. 
     Export-Import Bank (Ex-Im Bank). H.R. 2072 will ensure Ex-Im 
     Bank's continued support of U.S. export sales as well as high 
     value manufacturing and service jobs. We urge the House to 
     act quickly and affirmatively on this essential piece of 
     legislation.
       We applaud House Majority Leader Eric Cantor (R-VA) and 
     Minority Whip Steny Hoyer (D-MD) for their hard work and 
     bipartisan effort. This legislation provides Ex-Im Bank with 
     a three-year reauthorization and lending authority which 
     recognizes the important role Ex-Im plays for U.S. exporters 
     at a time when exports are increasingly critical to the 
     economy and job recovery. Additionally, their efforts to 
     include financial reforms in H.R. 2072 will ensure that the 
     Bank remains fiscally sound and continues to provide revenue 
     to the U.S. Treasury.
       With Ex-Im's charter expiring at the end of May, we urge 
     both the House and Senate to act quickly to pass 
     reauthorization legislation that can be sent to the President 
     for his signature. H.R. 2072 sends the right message: 
     American exporters have the support of the United States 
     government to level the playing field in global markets and 
     create jobs at home.
           Sincerely,
         Aerospace Industry Association; American Association of 
           Exporters and Importers; Business Roundtable; Chamber 
           of Commerce; Coalition for Employment through Exports; 
           Emergency Committee for American Trade; Financial 
           Services Roundtable; General Aviation Manufacturers 
           Association; National Association of Manufacturers; 
           National Foreign Trade Council; National Small Business 
           Association; Nuclear Energy Institute; Satellite 
           Industry Association; Small Business Exporters 
           Association; TechAmerica; Water and Wastewater 
           Equipment Manufacturers Association, Inc.
                                  ____



                                     The Dow Chemical Company,

                                         Midland, MI, May 7, 2012.
     Hon. Dave Camp,
     House of Representatives,
     Washington, DC.
       Dear Congressman Camp: I am writing to urge you to support 
     the pending legislation to reauthorize the Export-Import 
     (Exim) Bank. The proposed draft three-year reauthorization 
     with a graduated cap to $140 billion provides certainty and 
     support for America's exporters. The draft further includes 
     more details on transparency and reporting provisions that 
     will demonstrate Exim's value to the broader American public.
       For Dow, the Exim Bank is a crucial component to our Sadara 
     joint venture to build a world-scale, fully integrated 
     chemicals complex in Saudi Arabia. Set to open in 2015, the 
     Sadara Chemical Company is expected to generate thousands of 
     direct and indirect jobs in the United States. The venture 
     has already created several hundred American jobs in our 
     project team, and over $1 billion In supplier contracts to 
     U.S.-based companies. With Wm Bank funding, the project is 
     set to create another $2 billion in project orders and long-
     term contracts with American manufacturers.
       Attached is Dow's fact sheet as well as an analysis chart 
     highlighting the necessary role Exim Bank plays in leveling 
     the playing field against foreign competition. Other 
     countries significantly outspend the U.S. in supporting 
     exports and promoting their local companies in large 
     projects. If Exim Bank cannot fund projects--if we 
     unilaterally disarm--American companies will operate at a 
     serious disadvantage in relation to their foreign 
     counterparts.
       I urge your favorable vote to support and sustain American 
     jobs, boost small businesses and expand export opportunities 
     for U.S. companies.
       My office will follow up with your staff to ensure you have 
     all the details necessary.
           Sincerely,
                                                Andrew N. Liveris.
       Attachments (2).

                Fact Sheet, Export-Import Bank of the US

                 Creating and Sustaining American Jobs

       Export-Import Bank Reauthorization is critical to America's 
     export competitiveness: The Export-Import Bank of the US 
     (ExIm) is currently operating under a series of temporary 
     extensions to its charter, with the same $100B lending cap 
     that is now more than four years old. Export financing is a 
     critical component of investing for growth and accessing new 
     customers in emerging

[[Page 6373]]

     markets, for both small and large companies. ExIm financing 
     supports these projects while also turning a profit for the 
     US Treasury--as defined in ExIm's annual report to Congress--
     which is to the benefit of companies, their workers and US 
     taxpayers. ExIm financing is critical to help level the 
     playing field for American exporters who compete against the 
     more significant export financing practices of other 
     countries. ExIm needs to be reauthorized for a full four-year 
     mandate and its lending cap needs to be increased to $135B to 
     continue to grow American export opportunities.
       ExIm enables projects that create American exports and 
     sustain US jobs--The Sadara Chemical Company: In July 2011, 
     Dow announced the formation of Sadara, a joint venture with 
     Saudi Aramco to build a world-scale, fully integrated 
     chemicals complex in Saudi Arabia. The complex, to open in 
     2015, will be one of the world's largest integrated chemical 
     facilities. Sadara Chemical Company is expected to generate 
     thousands of direct and indirect jobs.
     Full reauthorization of ExIm is crucial to sustaining and 
         growing jobs in the United States through projects such 
         as Sadara
       Job Creation Facts
       Sadara sustains jobs in the US by establishing a presence 
     in this growing region which secures access to competitive 
     feedstocks that help Dow serve the fast growing markets of 
     Asia Pacific.
       The project is already responsible for employing upwards of 
     400 workers on the Dow joint venture project team in the 
     Houston and California areas.
       Since 2007, the Dow-Saudi Aramco Joint Venture has 
     generated over $1B in contracts working with 18 different US-
     based companies for engineering, design and other high-value 
     contributions.
       In August 2011, US-based Fluor Corporation was awarded a 
     substantial engineering, procurement and construction 
     management (EPCM) services contract to manage ongoing 
     activities at the site.
       With ExIm funding, the project is set to create another $2B 
     in project orders and long-term contracts.
       Long-term, the project will help sustain American jobs 
     through contracts to Dow staff to manage Product Marketing 
     and Lifting Agreements (PMLAs). These jobs will be based at 
     Dow in the US and in other Dow locations globally, supporting 
     the management and marketing of our joint venture's products 
     around the world.
       ExIm Background
       Nationwide, ExIm has supported nearly 11,000 transactions 
     with $65.5B in authorized financing over the past five years. 
     This support has directly benefitted more than 2,000 
     communities across the United States. The financing that ExIm 
     provides to small businesses is contributing to a significant 
     increase in exports--in FY 2011 the Bank increased small 
     business transactions to a record $6B, up $1B from the 
     previous year. Eighty-seven percent of total ExIm 
     transactions benefit small business. In Michigan, the bank 
     has supported 70 separate communities, 119 companies and 
     financed a total of $2.1B in exports during the last five 
     years. All the while, the Ex-Im Bank has generated almost $2B 
     in revenue for the US Treasury, $400 million in FY 2011 
     alone.
       If you have any additional questions, please contact: Lisa 
     Schroeter, Global Director of Trade & Investment Policy, Dow 
     Chemical @ I[email protected]; or +12024293407.
                                  ____

       Dear Representative: I write to ask for your support for 
     H.R. 2072, the Securing American Jobs Through Exports Act of 
     2011, which reauthorizes the U.S. Export-Import (EXIM) Bank. 
     EXIM is the official export credit agency of the U.S. and 
     assists U.S. businesses in financing the export of goods and 
     services around the world. EXIM's charter expires on May 31, 
     2012 and failure to reauthorize its operations in the weeks 
     ahead could put at risk billions of dollars in U.S. exports 
     and tens of thousands of American jobs.
       Thanks to the efforts of Congressman Cantor, Congressman 
     Hoyer and numerous Members of the House, H.R. 2072 is 
     bipartisan legislation authorizing EXIM to operate for the 
     next three years and raising the Bank's lending authority to 
     $140 billion. The legislation also contains a number of 
     important initiatives and reforms that will strengthen 
     Congress's ability to oversee the Bank's operations and 
     improve the transparency of the Bank's transactions. 
     Reauthorization of EXIM is backed by a wide range of 
     associations and third parties including the National 
     Association of Manufacturers, the IAM, the U.S. Chamber of 
     Congress and the Business Roundtable.
       Support for EX-IM reauthorization translates into U.S. 
     jobs. In Fiscal Year 2011, the Bank reports that it supported 
     more than $40 billion in exports helping to create or sustain 
     an estimated 290,000 direct and indirect U.S. jobs at more 
     than 3,600 small and large companies. And more than 80% of 
     the Bank's transactions support U.S. small businesses. In 
     addition, EXIM is financially self-sustaining and actually 
     contributes to reducing the Nation's deficit. Since the Bank 
     was last reauthorized in 2006, it has returned more than $3 
     billion to the U.S. Treasury beyond the costs of its 
     operations.
       Reauthorization of the EX-IM Bank is critical to the 
     ability of U.S. exporters to compete on a level playing field 
     in a commercial market where current and future competitors 
     continue to enjoy aggressive support from their countries' 
     export credit agencies.
       I urge your strong support for H.R. 2072.
           Sincerely,

                                                  Tim Keating,

                                 Senior Vice President, Government
      Operations, The Boeing Company.
                                  ____

         American Apparel & Footwear Association and National 
           Council of Textile Organizations,
                                                      May 8, 2012.
       Dear Representative: The undersigned organizations write in 
     strong support of H.R. 2072--Securing American Jobs Through 
     Exports Act of 2011. In addition to re-authorizing the 
     Export-Import Bank (Bank), the legislation contains 
     provisions that will create important new avenues of 
     financing for the textile and apparel global supply chain.
       The Bank performs an important function for U.S. companies 
     seeking markets for U.S.-made products. The Bank enables U.S. 
     companies to turn export opportunities into real sales by 
     providing export-financing products that fill gaps in trade 
     financing and does not compete with private sector lenders. 
     However, the Bank today does not offer meaningful Supply 
     Chain Financing to the global textile and apparel industry 
     supply chain.
       This legislation includes key provisions that support the 
     textile and apparel global supply chain by adding textile 
     industry representation on the Bank's Advisory Committee and 
     through the execution of two reports to Congress. First, the 
     Advisory Committee will be required to consider ways to 
     promote the financing of Bank transactions for the textile 
     industry and determine ways to increase Bank support for 
     exports of textile components or inputs. These findings will 
     be included in the Bank's Annual Report to Congress. Second, 
     the Bank will be required to conduct a separate analysis of 
     the textile and apparel industry's use of current Bank 
     products and the impediments to use of those products. The 
     analysis will include proposals for how the Bank could 
     provide more financing as well as proposals for new products.
       We strongly believe that this language takes an important 
     step in establishing sound financing options for the textile 
     and apparel global supply chain by creating sorely needed 
     liquidity for the textile and apparel supply chain in the 
     Western Hemisphere, which has become an important export 
     market for U.S. textile companies and an important sourcing 
     location for major apparel brands and retailers.
       We again urge you to vote yes on H.R. 2072--Securing 
     American Jobs Through Exports Act of 2011.
           Sincerely,
     Cass Johnson,
       National Council of Textile Organizations (NCTO).
     Kevin Burke,
       President & CEO, American Apparel & Footwear Association 
     (AAFA).
                                  ____

                                      Air Line Pilots Association,


                                                International,

                                      Washington, DC, May 4, 2012.

           ALPA Hails Agreement on Ex-Im Bank Reauthorization

       Washington.--The following statement is from Capt. Lee 
     Moak, president of the Air Line Pilots Association, Int'l, on 
     today's bipartisan agreement on the Export-Import Bank's 
     reauthorization.
       ``The bipartisan reforms announced today to aircraft 
     financing by the Export-Import Bank are a first step toward 
     ending worldwide subsidies of widebody aircraft and will help 
     to protect U.S. airline workers from unmerited, subsidized 
     foreign competition. The reforms will also shine some 
     desperately needed light on the Bank's financing processes.
       ``By directing the United States to negotiate with the four 
     European countries that finance Airbus, the reauthorization 
     will help bring about a necessary end to worldwide subsidies 
     of widebody aircraft. There is no justifiable reason why U.S. 
     taxpayer money should be used to put one sector of jobs at a 
     disadvantage while helping another.
       ``Getting things done in Washington, D.C., is about 
     compromise, and I am pleased that all parties were able to 
     come together to agree to this reasonable settlement. I 
     applaud the leadership of Majority Leader Cantor and Minority 
     Whip Hoyer for their diligent work to bring this compromise 
     together in a way that protects U.S. manufacturing and 
     airline jobs. I am encouraged that the House intends to take 
     up this legislation next week, and I hope that the Senate 
     will follow this action with haste.
       ``It is important to ensure that U.S. taxpayer dollars are 
     not used in a way that potentially has a net detrimental 
     effect on U.S. employment. This agreement today recognizes 
     this fact and is designed to correct an emerging and 
     egregious problem with Ex-Im Bank aircraft financing. This is 
     a positive move toward leveling the playing field for U.S. 
     airlines and their workers in the global marketplace.

[[Page 6374]]

       ``The reauthorization bill will aid in ending subsidies for 
     widebody airplanes. This action will help to level the 
     playing field for U.S. airlines that compete with foreign 
     airlines, including many that are state-sponsored, that buy 
     U.S.- and European-manufactured planes at below-market rates 
     unavailable to U.S. and many European airlines. This 
     subsidized financing gives our foreign competitors a 
     significant cost advantage, allowing them to drive U.S. 
     airlines out of international routes and costing airline 
     workers' jobs. More work needs to be done, and ALPA will 
     remain vigorously engaged in this fight.''
       Founded in 1931, ALPA is the world's largest pilot union, 
     representing more than 53,000 pilots at 37 airlines in the 
     United States and Canada. Visit the ALPA website at 
     www.alpa.org.
                                  ____

                                                      May 7, 2012.
       To The Members of the U.S. House of Representatives: The 
     U.S. Chamber of Commerce, the world' largest business 
     federation, representing the interests of more than three 
     million businesses of all sizes, sectors, and regions, 
     strongly supports H.R. 2072, the ``Export-Import Bank 
     Reauthorization Act of 2012,'' a compromise bill which would 
     reauthorize the Export-Import Bank of the United States (Ex-
     Im) set to expire on May 31, 2012.
       Failure to enact this bill would put at risk the nearly 
     300,000 American jobs at 3,600 companies that depend on Ex-Im 
     to compete in global markets. Ex-Im is especially important 
     to small- and medium-sized businesses, which account for more 
     than 85 percent of Ex-Im's transactions. Tens of thousands of 
     smaller companies that supply goods and services to large 
     exporters also benefit from Ex-Im's activities.
       Because other countries are providing their own exporters 
     with an estimated $1 trillion in export finance--often on 
     terms more generous than Ex-Im can provide--failure to 
     reauthorize Ex-Im would amount to unilateral disarmament and 
     cost tens of thousands of American jobs. China, for instance, 
     has three export credit agencies that last year provided $300 
     billion in export finance to its exporters--10 times more 
     than Ex-Im provided. This bill would help level the financial 
     playing field in export markets and ensure transparency in 
     Ex-Im's operations.
       American taxpayers can cheer the fact that this bill would 
     reduce the federal deficit by hundreds of millions of 
     dollars. Far from being a subsidy for corporations, Ex-Im 
     charges fees for its services that have generated more than 
     $4 billion in revenue for the U.S. Treasury over the past six 
     years. Further, Ex-Im loans expose the U.S. taxpayer to 
     little risk because they are backed by the collateral of the 
     goods being exported. Borrowers have defaulted on less than 2 
     percent of all loans backed by Ex-Im over the past eight 
     decades, a default rate lower than commercial banks.
       The Chamber strongly supports H.R. 2072 and urges the House 
     to consider this issue as expeditiously as possible. The 
     Chamber will include votes on, or in relation to, this bill 
     in our annual How They Voted scorecard.
           Sincerely,
     R. Bruce Josten.
                                  ____


                ManuFACTS: Ex-Im Bank and Export Finance


 Reauthorization Will Help Manufacturers Grow U.S. Exports and Create 
                                  Jobs

       For the United States to grow manufacturing jobs, we must 
     rely on exports to faster-growing markets around the world. 
     The Commerce Department estimates that every $1 billion 
     increase in exports would create or support 6,250 additional 
     manufacturing jobs.
       Last year, the U.S. Export-Import (Ex-Im) Bank provided $32 
     billion in export financing. That financing supported more 
     than $41 billion in exports from more than 3,600 U.S. 
     companies. Those exports, in turn, support approximately 
     290,000 export-related American jobs.
       Ex-Im Bank also set a record in its support of small 
     business. More than 85 percent of Ex-Im Bank's transactions 
     were in direct support of small business last year--a total 
     of $6 billion in fiscal year 2011.
       Ex-Im Bank boosts U.S. manufacturing competitiveness at no 
     cost to the taxpayer. In fact, Ex-Im has helped reduce the 
     U.S. budget deficit. Over the past five years, Ex-Im Bank has 
     returned more than $3.4 billion to the U.S. Treasury. The 
     Congressional Budget Office estimates that the latest version 
     of the House reauthorization bill (H.R. 2072) will return 
     $900 million to the U.S. Treasury. Ex-Im Bank helps U.S. 
     manufacturers compete on a level playing field in a tough 
     global market. The U.S. trails countries like Brazil, Canada, 
     China, Germany, France, India and Italy in official export 
     credit volumes as a share of the national economy. Germany, 
     France and India all provided at least seven times more 
     export assistance as a share of GDP than the United States 
     did in 2010.


                         How Congress Can Help

       Provide Ex-Im Bank with a stable, long-term reauthorization 
     and a significant increase in its lending authority. Voting 
     for reauthorization legislation--whether the House version, 
     the Securing American Jobs Through Exports Act of 2011 (H.R. 
     2072), or the Senate version, the Ex-Im Bank Reauthorization 
     Act (S. 1547)--will help grow U.S. exports and create 
     American jobs.


                            More Information

       The U.S. Export-Import (Ex-Im) Bank is a vital tool to help 
     grow U.S. exports and increase American jobs. Ex-Im Bank's 
     charter expired on September 30, 2011, and the Bank is 
     currently operating under an extension that expires on May 
     31, 2012. It is imperative that Congress approve legislation 
     as soon as possible to reauthorize the Bank for four years.
       The House Financial Services Committee passed the Securing 
     American Jobs Through Exports Act of 2011 (H.R. 2072) to 
     reauthorize the bank in June 2011. The Senate Banking, 
     Housing, and Urban Affairs Committee passed its version of a 
     reauthorization bill, the Ex-Im Bank Reauthorization Act (S. 
     1547), in September 2011. The two bills were similar, but not 
     identical.
       In December 2011, the two authorizing committees reached an 
     agreement that would gradually increase the Bank's lending 
     cap to $135 billion and reauthorize the Bank through fiscal 
     year 2015, but the bill failed to move with the year-end 
     legislative packages. A stop-gap action passed Congress in 
     late December that included an extension of Ex-Im Bank's 
     authorization through May 31, 2012. The bill, though, does 
     not increase the lending cap or provide for a stable, long-
     term reauthorization. Without a higher lending limit, the 
     bank will run out of funding ability in the coming months.
       As the official export credit agency of the United States, 
     Ex-Im Bank assists in financing the export of U.S. goods and 
     services from thousands of American companies. It operates at 
     no cost to the taxpayer, and it has a track record of 
     returning money to the U.S. Treasury.
        Ex-Im Bank is currently authorized to provide up to $100 
     billion in loans, guarantees and insurance to support U.S. 
     exports. The Bank closed fiscal year 2011 at $89 billion, and 
     the Bank will likely hit its $100 billion cap early this 
     spring. Any company that needs Ex-Im Bank's support after 
     that will be turned away, and American companies will lose 
     those export sales to foreign companies who are receiving 
     aggressive financing support from their governments.
        Over the past five years, Ex-Im Bank has returned more 
     than $3.4 billion to the U.S. Treasury. The Congressional 
     Budget Office estimates that the latest version of the House 
     reauthorization bill (H.R. 2072) will return $900 million to 
     the U.S. Treasury.
        Ex-Im is considered the ``lender of last resort'' for U.S. 
     exporters. As we continue to emerge from the financial 
     crisis, Ex-Im Bank can help ensure that U.S. companies--
     especially small businesses--have access to the financing 
     they need to make international sales.


                A Tough Global Market for Manufacturers

       The U.S. trails countries like Brazil, Canada, China, 
     Germany, France, India and Italy in official export credit 
     volumes as a share of the national economy. Germany, France 
     and India all provided at least seven times more export 
     assistance as a share of GDP than the United States did in 
     2010.
        In 2010, export credit agencies in Brazil and China (which 
     are not members of the OECD) provided 10 times more financing 
     to their exporters, as a share of GDP, than the Ex-Im Bank 
     did for American exporters. In 2010, China issued $45 billion 
     in new export credit compared to the United States' $13 
     billion.
        Export Development Canada (EDC) facilitated more than $84 
     billion in business in 2010. Canada's credit volume is almost 
     the same as America's, even though its economy is about \1/
     8\th the size of ours.
        Ex-Im Bank levels the playing field for U.S. exporters by 
     matching credit support other nations provide, ensuring U.S. 
     exporters are able to compete based upon the price and 
     performance features of their products. Denying Ex-Im Bank 
     support to U.S. manufacturers is tantamount to ``unilateral 
     disarmament'' in the marketplace.


                 Exports Are Vital to the U.S. Economy

        The mature domestic U.S. market for manufactured goods is 
     not growing as rapidly as our manufacturing productivity. For 
     the U.S. to grow manufacturing jobs, we must rely on exports 
     to faster-growing markets around the world.
        The United States has fallen behind its competitors on the 
     export front. In 2000, the U.S. share of global exports of 
     manufactured goods was 13.8 percent. By 2009, our share had 
     fallen to 8.6 percent. If we had maintained our market share, 
     U.S. exports in 2009 would have been $435 billion higher.
        The Commerce Department estimates that every $1 billion 
     increase in exports would create or support 6,250 additional 
     manufacturing jobs, so that $435 billion jump translates to 
     more than 2.7 million jobs.
                                  ____


     [From General Aviation Manufacturers Association, May 7, 2012]

     GAMA Urges Swift Action on Export-Import Bank Reauthorization

       Washington, DC.--GAMA hailed the bipartisan agreement 
     between Majority Leader Eric Cantor and Minority Whip Steny 
     Hoyer to end an impasse over the reauthorization of the 
     Export-Import Bank. The agreement

[[Page 6375]]

     extends the bank's charter for three years and increases its 
     lending authority to $140 billion.
       The General Aviation Manufacturers Association (GAMA) has 
     supported the bank's reauthorization because this lending is 
     vital to the industry's ability to grow and maintain exports 
     as general aviation manufacturing recovers from the economic 
     downturn. Additionally, the exports generated are key for job 
     creation and for the Obama Administration's efforts to double 
     exports by the end of 2014.
       ``General aviation jobs will be put in jeopardy if the 
     Export-Import Bank is not reauthorized,'' said Pete Bunce, 
     GAMA's president and CEO. ``Furthermore, general aviation 
     manufacturing is one of the few remaining industries that 
     contributes positively to the U.S. balance of trade. Our 
     member companies have dramatically increased their use of 
     Export-Import Bank financing over the past several years. 
     Continued lending authority is essential to the success of 
     general aviation manufacturing to compete globally.''
       The Export-Import Bank's charter lapses on May 31 and is 
     expected to reach its current lending limit by the end of 
     May, if not earlier.
       ``We appreciate the bi-partisan effort in the House to move 
     this legislation and we urge every House member to support 
     it. We also call on the Senate to act quickly in order to 
     avoid any lending disruption,'' added Bunce.
                                  ____


U.S. Chamber's Donohue Praises House Leaders for Reaching Deal on Ex-Im

       Washington, DC.--U.S. Chamber of Commerce President and CEO 
     Thomas J. Donohue issued the following statement on the 
     compromise legislation offered by House Majority Leader Eric 
     Cantor and Democratic Whip Steny Hoyer to reauthorize the 
     Export-Import Bank of the United States (Ex-Im):
       ``This is great news for thousands of American workers, 
     businesses of all sizes, and taxpayers, who can cheer the 
     fact that this bill will reduce the deficit by hundreds of 
     millions of dollars.
       ``When other countries are providing their own exporters 
     with an estimated $1 trillion in export finance--often on 
     terms more generous than Ex-Im can provide--failure to 
     reauthorize Ex-Im would amount to unilateral disarmament and 
     cost tens of thousands of American jobs.
       ``This bill will guarantee a level financial playing field 
     in export markets and ensure transparency in Ex-Im's 
     operations. For that reason, the Chamber urges Congress to 
     swiftly pass this bill to reauthorize Ex-Im.''
                                  ____

         International Federation of Professional & Technical 
           Engineers,
                                      Washington, DC, May 7, 2012.
       Dear Representative: As President of the International 
     Federation of Professional and Technical Engineers (IFPTE), I 
     am writing in support of H.R. 2072, legislation to 
     reauthorize the Export-Import Bank. IFPTE, which represents 
     over 25,000 engineering and technical workers employed in the 
     aerospace industry, urges you to vote in support of this 
     legislation.
       H.R. 2072 will reauthorize the Export-Import Bank's lending 
     authority to $140 billion, starting at $120 billion in 2012 
     and increasing by $10 billion in 2013, and again in 2014. By 
     guaranteeing loans to foreign corporations wishing to 
     purchase U.S. made goods, the funding increase for the 
     Export-Import Bank will help in opening the door to increased 
     domestic exports, including American made airplanes by Boeing 
     workers. This is essential in sustaining America's number one 
     export, commercial aircraft, while bolstering good paying and 
     highly skilled U.S. jobs here at home. In addition to 
     aerospace manufacturing, many other American industries will 
     also benefit from this reauthorization.
       IFPTE is pleased that Minority Leader Hoyer and Majority 
     Leader Cantor were able to come to an acceptable compromise 
     when it comes to the scope of the underwriting authority of 
     the Export-Import Bank. This compromise will help to preserve 
     our flourishing domestic aerospace industry and its highly 
     skilled workforce.
       Extending the lending authority of the Export-Import Bank 
     is a responsible and sound reinvestment in the American 
     workforce. When it comes to the House floor this week, IFPTE 
     urges you to vote in support of H.R. 2072.
       Thank you for your consideration. Should you have any 
     questions please contact IFPTE Legislative Director, Matt 
     Biggs, at (202) 239-4880.
           Sincerely,
                                              Gregory J. Junemann,
     President.
                                  ____

                                      International Association of


                             Machinists and Aerospace Workers,

                                  Upper Marlboro, MD, May 7, 2012.
       Dear Representative: I am writing to urge your support for 
     the Securing American Jobs Through Exports Act of 2011, H.R. 
     2072, which reauthorizes the U.S. Export-Import (Ex-Im) Bank 
     for three years and raises its lending authority to $140 
     billion. This bipartisan legislation represents a substantial 
     improvement from previous House versions and will provide the 
     necessary resources and oversight to allow the Ex-Im Bank to 
     fulfill its vital role in promoting U.S. exports and creating 
     American jobs.
       Since first established in the 1930s, the Ex-Im Bank's 
     mission has been to support the U.S. economy by providing 
     financing for U.S. exporters. In today's highly competitive 
     global marketplace where our global competitors provide a 
     variety of export support for their domestic industries, the 
     Ex-Im Bank is one of the few resources that the U.S. offers 
     to American exporters. This support is needed now more han 
     ever.
       According to the U.S. Chamber of Commerce, small businesses 
     make up 87 percent of Ex-Im Bank transactions. If the Ex-Im 
     Bank is not reauthorized, thousands of American jobs will be 
     lost as U.S. companies ship more production work abroad where 
     they can take advantage of the financing provided by other 
     countries' export credit agencies--financing that they would 
     have preferred to obtain from the Ex-Im Bank.
       Without Ex-Im financing the U.S. aerospace industry, which 
     is one of the few American industries with a positive balance 
     of trade with the rest of the world, will be at a severe 
     disadvantage. European competitors will be free to support 
     their companies through their comprehensive industrial 
     policies. As China's export credit agency continues to grow 
     dramatically, we need to support the only tool the U.S. has 
     to effectively compete with China.
       The bipartisan bill H.R. 2072, which will be voted on this 
     week under the suspension calendar, represents a clear break 
     from the Beltway politics that have failed to address the 
     real struggles of ordinary Americans. During this time of 
     intense global competition and persistent high unemployment, 
     U.S. exporters need the critical resources of the Ex-Im Bank. 
     I strongly urge you to support American jobs and to vote for 
     this important legislation.
       If you have any questions, please contact Legislative and 
     Political Director Matthew McKinnon at (301) 967-4575.
           Sincerely,
                                           R. Thomas Buffenbarger,
     International President.
                                  ____


                             [May 5, 2012]

A4A Commends Important Reforms in Bipartisan Ex-Im Bank Reauthorization 
                               Agreement

       Washington, DC.--Airlines for America (A4A), the industry 
     trade organization for the leading U.S. airlines, today 
     issued the following statement on the U.S. Export-Import Bank 
     reauthorization agreement:
       ``We appreciate the hard work of Republican House Majority 
     Leader Eric Cantor and Democratic House Minority Whip Steny 
     Hoyer, who negotiated a bipartisan agreement that ensures 
     increased transparency in the Ex-Im Bank's lending practices, 
     calls for greater economic impact analysis of loans and would 
     implement other important reforms, and we urge passage of the 
     agreement,'' said A4A President and CEO Nicholas E. Calio.
       ABOUT A4A
       Annually, commercial aviation helps drive more than $1 
     trillion in U.S. economic activity and nearly 10 million U.S. 
     jobs. A4A airline members and their affiliates transport more 
     than 90 percent of all U.S. airline passenger and cargo 
     traffic. For more information about the airline industry, 
     visit www.airlines.org and follow us on Twitter 
     @airlinesdotorg.

  Mr. GARY G. MILLER of California. Mr. Speaker, I yield myself the 
remaining time.
  There are a lot of people on our staffs that have done a great job. 
You've mentioned Lesli McCollum Gooch. She's been the senior policy 
director of the subcommittee. She's done a great job. Also, Randy Ross 
and Aaron Ranck. On the majority side here, Susan Blavin, Alex Teel, 
and Neil Bradley have all worked very, very hard. On the minority side, 
I would like to just thank Georgette Sierra. She's been incredible in 
this whole process, working with our side. Also, Daniel McGlinchey, 
Kirk Schwarzbach, Kelly Larkin, John Hughes, and legislative counsel, 
Jim Grossman.
  There's been a lot said about this bill here. Let me make it very 
clear: Ex-Im Bank's default rate is less than 1.5 percent. There's no 
lender out there that has that stellar of a record. We've put 
additional funds in here for green technology because Ex-Im underwrites 
all their own loans. That's why they're performing so well. So we've 
created additional funds for them so they can increase their 
underwriting ability to make sure they're making good, safe loans.
  Ex-Im Bank makes money for the taxpayers. And they've done a great 
job. We have an opportunity in this country to create jobs. We can 
yield those jobs to China, we can yield those jobs to Germany, to 
France, to other

[[Page 6376]]

countries who want to take jobs from this country, or we can make sure 
that American companies, large and small, have an opportunity to 
compete. When they compete, they create jobs. And, guess what? They 
make money for the taxpayers because they give it back to the Treasury. 
That's a win-win for everybody.
  The oversight we placed in this bill--and I want to thank Majority 
Leader Eric Cantor for working with me on this--when it came out of 
subcommittee and an addendum added to that have created a very, very 
safe institution.
  With that, I ask for an ``aye'' vote, and I yield back the balance of 
my time.
  Mr. VAN HOLLEN. Mr. Speaker, I rise in support of today's legislation 
to reauthorize the Export-Import Bank and appreciate the work done by 
Leaders Hoyer and Cantor to bring this bill to the floor today.
  As amended, the Securing American Jobs Through Exports Act will 
reauthorize the Export-Import Bank for three years and incrementally 
increase the assistance it provides foreign buyers of American products 
to $140 billion by fiscal year 2014, which is roughly in line with 
projected demand. This bipartisan agreement is good for manufacturers, 
good for jobs and good for taxpayers. It enjoys broad backing from 
industry and labor, and it deserves our support.
  Mr. ENGEL. Mr. Speaker, I rise in strong support of H.R. 2072, the 
Export-Import Bank Reauthorization Act of 2012, the long term 
bipartisan reauthorization agreement announced last week.
  As a senior member of the House Foreign Affairs Committee, I believe 
that by passing this bill, Congress will give U.S. business the tools 
they need to compete in the global market place and create jobs for 
workers here in the United States.
  H.R. 2072 reauthorizes the Export-Import Bank (Ex-Im) for three 
years, giving U.S. businesses the certainty they need, and 
incrementally increases the exposure limit to $140 billion by fiscal 
year 2014 in response to the growing demand for Ex-Im financing.
  I am pleased to say that this legislation is widely supported by 
Labor and business groups--such as the International Association of 
Machinists and Aerospace Workers, NAM, Chamber of Commerce and Business 
Roundtable.
  This wide array of organizations is well aware of the critical role 
the Bank plays in supporting American workers by providing credit where 
it's prohibitively expensive or by neutralizing official foreign credit 
competition.
  Just last year, the Bank provided $32 billion in financing to 
thousands of companies, which supported nearly 290,000 American jobs.
  However, it is important to note that the work of the Bank is done at 
no cost to the taxpayer, as it is self-sustaining: the Bank covers all 
of its operating expenses and loan loss reserves through the fees it 
charges users of the Bank.
  In fact, the Bank returns money to the Treasury, and since 2008 it 
has returned almost $2 billion.
  I, therefore, urge you to support job creation and vote for the 
Export-Import Bank Reauthorization Act of 2012.
  Mr. PAUL. Mr. Speaker, Congress should reject H.R. 2072, the Securing 
American Jobs Through Exports Act of 2011, for economic, moral, and 
constitutional reasons. The Export-Import Bank is a prime example of 
corporate welfare, taking money from American taxpayers to prop up the 
export businesses of large corporations. Companies such as Boeing 
should be able to make sales based solely on the quality of their 
products and the willingness of the market to purchase those products. 
Instead, these companies rely on their political connections to 
subsidize their businesses. Ex-Im even provided Enron with hundreds of 
millions of dollars of assistance before that company's ignominious 
collapse. Do we really want to continue funding the Enrons of the 
world?
  Not only is it bad economics to force working Americans, small 
businesses, and entrepreneurs to subsidize the exports of large 
corporations, it is also immoral. Redistribution from the poor and 
middle class to the wealthy is the most indefensible aspect of the 
welfare state, yet it is the most accepted form of welfare. At a time 
when the Federal government is running unprecedentedly large budget 
deficits why are we reauthorizing subsidies for large corporations? I 
hope that my colleagues who criticize welfare for the poor on moral and 
constitutional grounds will vote against this program that provides 
welfare for the rich.
  Proponents of continued American support for Ex-Im claim that the 
bank ``creates jobs'' and promotes economic growth. However, this claim 
rests on a version of what the great economist Henry Hazlitt called the 
``broken window'' fallacy. When a hoodlum throws a rock through a store 
window, it can be said he has contributed to the economy, as the store 
owner will have to spend money having the window fixed. The benefits to 
those who repaired the window are visible for all to see, therefore it 
is easy to see the broken window as economically beneficial. However, 
the ``benefits'' of the broken window are revealed as an illusion when 
one takes into account what is not seen: the businesses and workers who 
would have benefited had the store owner not spent money repairing a 
window, but rather been free to spend his money as he chose.
  Similarly, the beneficiaries of Ex-Im are visible to all. What is not 
seen is the products that would have been built, the businesses that 
would have been started, and the jobs that would have been created had 
the funds used for Ex-Im been left in the hands of consumers. Leaving 
those funds in the private sector ensures that those resources will be 
put to the use most highly valued by individual consumers. In contrast, 
when the government diverts resources into the public sector via 
programs such as Ex-Im, their use is determined by bureaucrats and 
politically powerful special interests, resulting in a distorted market 
and a misallocation of resources. By distorting the market and 
preventing resources from achieving their highest valued use, Ex-Im 
actually costs Americans jobs and reduces America's standard of living!
  Finally, Mr. Speaker, I would like to remind my colleagues that there 
is simply no constitutional justification for the expenditure of funds 
on programs such as Ex-Im. In fact, the framers of the Constitution 
would be horrified to know that the Federal Government was taking hard-
earned money from the American people in order to benefit the 
politically powerful.
  In conclusion, Mr. Speaker, Ex-Im distorts the market by allowing 
government bureaucrats to make economic decisions instead of individual 
consumers. Ex-Im also violates basic principles of morality, by forcing 
American taxpayers to subsidize the operations of wealthy companies 
that could easily afford to engage in international trade without 
government assistance. Ex-Im also violates the limitations on 
congressional power to take the property of individual citizens and use 
it to benefit powerful special interests. It is for these reasons that 
I strongly urge my colleagues to reject H.R. 2072.
  Mr. LARSEN of Washington. Mr. Speaker, I submit the following 
materials in support of H.R. 2072, the Export-Import Bank 
Reauthorization Act, as amended.

Support American Jobs: Pass H.R. 2072 the Export-Import Reauthorization 
                                  Act

       Dear Colleague: Tomorrow the House will take up H.R. 2072, 
     the Export-Import Bank Reauthorization Act of 2012, the long 
     term bipartisan reauthorization agreement announced last 
     week. By passing H.R. 2072, Congress will give U.S. business 
     the tools they need to compete in the global market place and 
     create jobs for workers here in the United States.
       H.R. 2072 reauthorizes the Export-Import Bank (Ex-Im) for 
     three years, giving U.S. businesses the certainty they need, 
     and incrementally increases the exposure limit to $140 
     billion by fiscal year 2014 in response to the growing demand 
     for Ex-Im financing. The bill includes a number of provisions 
     that will make Ex-Im more effective and accountable. These 
     provisions include funding for technology upgrades and 
     requirements that the Bank submit a business plan to justify 
     the increased exposure, and periodic monitoring and reporting 
     to Congress on the Bank's default rate.
       The legislation is widely supported by Labor and business 
     groups--such as International Association of Machinists and 
     Aerospace Workers, NAM, Chamber of Commerce and Business 
     Roundtable. These groups understand the critical role the 
     Bank plays in supporting American workers by providing credit 
     where it's prohibitively expensive or by neutralizing 
     official foreign credit competition.
       Just last year, the Bank provided $32 billion in financing 
     to thousands of companies, which supported nearly 290,000 
     American jobs. Over 80 percent of those transactions directly 
     supported small businesses. You can see for yourself the work 
     the Bank has done in your district, by visiting their website 
     http://www.exim.gov/congmap/#/us.
       It is important to note that the work of the Bank is done 
     at no cost to the taxpayer, as they are self-sustaining: the 
     Bank covers all of its operating expenses and loan loss 
     reserves through the fees it charges users of the Bank. In 
     fact, the Bank returns money to the Treasury, and since 2008 
     they have returned almost $2 billion.
       I urge you to support this job creating legislation, which 
     gives American companies the tools they need to grow and 
     create local jobs in communities across the country,

[[Page 6377]]

     while making money for American taxpayers.
           Sincerely,
                                                 Carolyn McCarthy,
     Member of Congress.
                                  ____


           New Dems Support Multi-Year Ex-Im Reauthorization

       Washington, DC.--Today, leaders of the New Democrat 
     Coalition, chaired by Rep. Joseph Crowley (NY-7), released 
     the following statement on reauthorization of the Export-
     Import Bank.
       ``Thanks to House Minority Whip Steny Hoyer's vigilance, we 
     finally reached an agreement for a multi-year reauthorization 
     of the Ex-Im Bank. While this agreement is not perfect, it 
     will give American businesses much-needed certainty to sell 
     their products abroad and create jobs here at home. The New 
     Dems stand behind the House's reauthorization, and we 
     encourage our colleagues on both sides of the aisle to 
     support this agreement.''
       The current legislation authorizes the Export-Import Bank 
     for another three years and gradually increases the bank's 
     lending authority over that timeframe to $140 billion. Last 
     year alone, Ex-Im financing helped more than 3,000 companies 
     add almost 300,000 jobs across America.
       Statement supported by New Dem Leadership Members, led by 
     Chair Representative Joseph Crowley (NY-7), and Vice-Chairs 
     Representative Jim Himes (CT-4), Representative Ron Kind (WI-
     3), Representative Rick Larsen (WA-2), and Representative 
     Allyson Schwartz (PA-13).
       The New Democrat Coalition is dedicated to maintaining 
     America's standing as the world's strongest, most successful 
     nation. Founded in 1997, the New Dems believe firmly in the 
     power of American ingenuity and innovation, and are focused 
     on finding ways to foster and harness this creativity to grow 
     our economy, create new American jobs, and ensure a safer and 
     more secure future for our country. For more information on 
     the 42 member Coalition, visit the New Dems website at http:/
     /ndc.crowley.house.gov.
                                  ____


      Levin, McDermott Urge Reauthorization of Export-Import Bank

       Washington.--Ways and Means Committee Ranking Member Sander 
     Levin (D-MI) and Trade Subcommittee Ranking Member Jim 
     McDermott (D-WA) today made the following statements 
     regarding the agreement to reauthorize the Export-Import 
     Bank:
       Levin: ``Congress needs to act immediately with the Export-
     Import Bank reauthorization. The United States needs to 
     dramatically increase its exports and reduce our trade 
     deficit to strengthen the economy and create jobs and Export-
     Import Bank financing will help us do that. As Republicans 
     wring their hands in a stale ideological debate over whether 
     to support American exports, China and other countries are 
     significantly increasing their assistance to help their 
     domestic companies compete abroad.''
       McDermott: ``The Export-Import Bank is a perfect example of 
     a simple, free way that Congress can help U.S. businesses 
     export U.S.-made products, but Republican radical ideology 
     has gotten in the way again of Congress acting to help the 
     economy--this time they're refusing to give the Bank the 
     tools it needs to keep helping U.S. businesses remain 
     competitive. The Bank has a proven track record--in 2010 
     alone, it supported $34 billion worth of U.S. exports and 
     227,000 U.S. jobs at more than 3,300 U.S. companies. We 
     should be working on a long-term reauthorization of the Bank 
     that gives businesses the certainty that the U.S. government 
     is committed to promoting U.S.-made exports. And, we should 
     also dramatically increase its lending authority so the Bank 
     can keep up with our increased exports--and keep up with our 
     trading partners who give their exporters much more in export 
     financing than we give to American exporters.''


                               Background

       The mandate of the Export-Import Bank is to support U.S. 
     exports and the employment of U.S. workers. The Bank uses its 
     authority and resources to finance U.S. exports primarily in 
     circumstances when alternative, private sector export 
     financing may not be available or is prohibitively expensive 
     or risky.
       Under the current law, the U.S. Export-Import Bank may not 
     provide loans, guarantees or insurance at any one time in 
     excess of $100 billion. The Bank is expected to reach that 
     limit before the Bank's authorization expires on May 31. The 
     Bank operates on a self-sustaining basis, using offsetting 
     collections to fund administrative and program expenses.
       The Bank seeks to level the playing field for U.S. 
     exporters by matching credit support that other nations 
     provide to their exporters. But the United States is 
     ``clearly outgunned when it comes to foreign [export credit] 
     competition,'' Bank Chairman Fred Hochberg said in testimony 
     before the Senate earlier this year. For example, from 2006 
     2010, China issued over $203 billion in new medium- and long-
     term export credit financing, an amount four times invested 
     by the United States in absolute dollars, and ten times more 
     as a share of GDP. (Stephen J. Ezell, The Information 
     Technology & Innovation Foundation, ``Understanding the 
     Importance of Export Credit Financing to U.S. 
     Competitiveness, June 2011)
       Countries like China do not always comply with 
     international guidelines relating to export financing, and 
     the Bank is developing new tools to confront this challenge. 
     The President of the Bank recently described how Ex-Im is 
     using these tools to ensure U.S. companies can compete 
     against Chinese financing, using as an illustrative example a 
     competition to sell 150 locomotives to Pakistan Rail. The 
     Chinese Development Bank offered its locomotive manufacturer 
     very generous export financing:
       ``To remedy this, the Obama Administration put together a 
     competitive financing package. And for the first time, we 
     went to the OECD to share with them our decision to offer 
     financing outside of internationally agreed upon terms and 
     conditions. That's how we can level the playing field for 
     American businesses[.] . . . [W]hen we see a clear example 
     that state-directed capital is impeding a sale for an 
     American company, we will go the extra step to offset the 
     market distortion.
                                  ____


   House Reaches Agreement on Export-Import Bank Reauthorization to 
          Strengthen American Manufacturing, Spur Job Creation

       Today, House Democratic and Republican leadership have 
     reached an agreement on a long-term reauthorization the U.S. 
     Export-Import Bank, ending uncertainty for businesses and 
     providing the resources needed to keep American exporters 
     competitive. To meet expected financing demands, the bill 
     increases the Bank's exposure limit to $120 billion through 
     September 30, and increases the limit to $130 billion in 
     Fiscal Year 2013 and $140 billion in Fiscal Year 2014.
       Reauthorization of the Export-Import Bank is part of the 
     Make It In America plan, as it provides financing to U.S. 
     businesses to help them sell their products around the world 
     and create jobs here at home. Last year, financing from the 
     Export-Import Bank helped 3,600 private companies add almost 
     300,000 jobs across the country.
       With other nations aggressively supporting in their 
     businesses' exports, it is critical that the Bank continue to 
     provide assistance to American businesses in order to stay 
     competitive. Prominent business organizations agree:
       National Association of Manufacturers: ``The Ex-Im Bank 
     plays a critical role in manufacturers' ability to export to 
     new markets and keep up with growing global competition . . . 
     It's imperative that Congress reauthorize Ex-Im and increase 
     the Bank's lending limit for the sake of jobs and the 
     competitiveness of manufacturers in the United States. Should 
     Congress fail to act, it will give our competitors an 
     advantage, harm job growth and create a large speed bump in 
     our path to doubling exports.'' 
     [3/15/12]
       Chamber of Commerce: ``Failure to reauthorize Ex-Im would 
     amount to America's unilateral disarmament in the face of 
     other nations' aggressive trade finance programs . . . With 
     other countries' export credit agencies providing an 
     estimated $1 trillion in export finance--often on terms more 
     generous than Ex-Im can provide--failure to approve this 
     reauthorization legislation would put U.S. exporters at a 
     sharper competitive disadvantage.'' [3/19/12]
       Business Roundtable: ``Ex-Im's positive contributions to 
     the international competitiveness of American companies and 
     workers and to the U.S. economy overall are well documented. 
     In FY2011, Ex-Im facilitated roughly $41 billion in U.S. 
     export sales by more than 3,600 U.S. small and large 
     companies, supporting nearly 290,000 U.S. jobs . . . It is 
     also important to recognize that Ex-Im has made these 
     positive contributions while returning revenue to the U.S. 
     Treasury.'' 
     [3/18/12]
       Congress must act quickly before the Export-Import Bank's 
     authority expires on May 31 so that businesses have the 
     certainty they need to boost exports and create jobs here at 
     home.
                                  ____


                  Reauthorizing the Export-Import Bank

       Dear Colleague: As Congress considers H.R. 2072, Securing 
     American Jobs Through Exports Act of 2011, which reauthorizes 
     the Export-Import bank, I urge you read the following article 
     that highlights how this legislation will assist American 
     manufacturers increase exports. Since 1934, the bank has 
     served as the principal government agency responsible for 
     aiding the export of American goods and services, thereby 
     creating and sustaining U.S. jobs.
           Sincerely,
                                                      Kevin Yoder,
     Member of Congress.
                                  ____


       February 21, 2012: A Conservative's Take on the Ex-Im Bank

       I support the entrepreneurial dynamism of free markets. I 
     believe entrepreneurs are more likely than government 
     bureaucrats to build successful businesses and provide 
     stable, good-paying jobs. I oppose government interference in 
     the marketplace. I want government to spend less, interfere 
     less, do less, and tax less.
       So when a few fellow conservatives criticize plans to 
     reauthorize the Export-Import Bank on grounds that it is just 
     another costly government corporate welfare program,

[[Page 6378]]

     why do I strongly disagree? The answer is simple--the Ex-Im 
     Bank is none of the things some of my fellow conservatives 
     claim.
       The Ex-Im Bank assists U.S. manufacturers--small and 
     large--to export their goods to foreign buyers. Typically it 
     facilitates loan guarantees for foreign buyers who want to 
     buy U.S. goods. Whether it is big names like General 
     Electric, Caterpillar and Boeing, or small companies (which 
     comprise 87% of the bank's transactions), the Ex-Im Bank 
     helps their foreign buyers obtain financing so that American 
     goods are sold and shipped abroad. This means more American 
     employment and more exports.
       The Ex-Im Bank does not compete with private financial 
     institutions, but rather fills-in banking gaps so that U.S. 
     goods can be exported to nations where commercial financing 
     is insufficient. The Ex-Im Bank doesn't cost taxpayers a 
     dime. Rather, it makes money from the fees charged to foreign 
     buyers which get pumped back into the U.S. Treasury and helps 
     reduce the deficit.
       The Ex-Im Bank has a 75 year track-record and the 
     Congressional Budget Office projects in the coming years, the 
     Ex-Im Bank will pump $900 million into the U.S. Treasury--not 
     to mention the hundreds of billions of dollars of U.S. made 
     goods that will be exported and the hundreds of thousands of 
     American jobs that will be supported. In 2011 alone, the bank 
     facilitated sales abroad that supported 290,000 American 
     jobs.
       Some conservatives incorrectly argue that the Ex-Im Bank is 
     similar to the Solyndra scandal where government bureaucrats 
     gave about $500 million to a business headed by Obama 
     fundraisers. To make matters worse, Solyndra's own business 
     plan showed that it could not turn a profit. Solyndra 
     represents what is deeply wrong with government attempts to 
     manipulate the marketplace.
       But the Ex-Im Bank and Solyndra have nothing in common. 
     Solyndra involved government awarding taxpayer funded cash 
     grants to failing businesses owned by political allies. The 
     money was completely wasted, the business failed, and no jobs 
     were created.
       The Ex-Im Bank is entirely different. It doesn't hand out 
     cash grants. It facilitates financing for foreign buyers who 
     want to purchase American manufactured goods. The foreign 
     buyer must qualify for the loans. Since its inception, less 
     than 2% of the Bank's loans have ever defaulted. Even then, 
     the manufactured goods are part of the collateral for the 
     loan. This is one of the reasons why the Ex-Im Bank returns 
     money to the U.S. Treasury, rather than takes money from the 
     taxpayer.
       Some conservatives oppose reauthorization of the Ex-Im Bank 
     because they see it as an interference with the free market. 
     On a purely theoretical level, I can see their point. But the 
     problem with this analysis is that the international 
     marketplace isn't a free market.
       Virtually every other nation offers export loan assistance. 
     In fact, China and many other nations actually offer 
     aggressive, below market loans to induce foreign buyers to 
     purchase their goods. When the U.S. competes on quality and 
     price, it wins the competition. That is precisely why nations 
     like China intervene and offer cut rate financing with very 
     generous terms so that they can undercut U.S. firms. Europe 
     does this as well.
       As a conservative, I would like to see free markets 
     expanded. We should enter into more free market reform 
     agreements with our trading partners. We should reform our 
     tax code and our regulatory regime to ensure we are 
     competitive.
       But nixing the Ex-Im Bank now without international 
     financing reform agreements does nothing to promote free 
     markets. It merely undermines U.S. manufacturing, kills high-
     paying American jobs, and erodes our ability to compete in a 
     worldwide marketplace. Until we can expand our trade 
     agreements to include more free market principles, refusing 
     to reauthorize the Ex-Im Bank is essentially unilateral 
     disarmament.
       That is foolhardy.
                                                  George Landrith.

  Mrs. MALONEY. Mr. Speaker, I submit the following materials in 
support of H.R. 2072, the Export-Import Bank Reauthorization Act, as 
amended.

                                                      May 4, 2012.
       To Members of the United States Congress: We are writing to 
     urge your support for reauthorization of the Export-Import 
     (Ex-Im) Bank of the United States, and a simultaneous 
     increase in its lending cap. Ex-Im Bank--which is set to 
     expire on May 31--is a vital resource in helping U.S. 
     companies both large and small to successfully engage in 
     international trade.
       The Ex-Im Bank is a self-sustaining federal agency that 
     assists in financing the export of U.S. goods and services to 
     international markets. In the five years since Congress last 
     reauthorized the Bank's operations, it has returned about 
     $3.4 billion to the U.S. Treasury above and beyond the cost 
     of its operations. For the fiscal year ending on September 
     30, 2011, Ex-Im Bank supported $40.6 billion worth of U.S. 
     exports at more than 3,600 U.S. companies, helping to create 
     or sustain 290,000 export-related U.S. jobs.
       This past December, Congress extended Ex-Im Bank's 
     authorization until May 31 at its current lending ceiling of 
     $100 billion. Due to unprecedented demand for export 
     financing over the last few years, Ex-Im Bank estimates that 
     it will reach this limit well before May. As a result, unless 
     Ex-Im Bank is reauthorized quickly and at an increased 
     lending cap, it will be forced to halt new transactions--
     depriving U.S. businesses of a vital financing source at a 
     time when exports are becoming an increasingly vital part of 
     our nation's economic recovery.
       Ex-Im Bank is particularly critical for small businesses, 
     where--in 2011 alone--Ex-Im Bank lent more than $6 billion to 
     almost 2,000 such companies. In many cases, the trade finance 
     supplied was essential for the completion of the export 
     transaction, and would not have been available from the 
     private sector. Ex-Im Bank's support extended to exporters in 
     industries as diverse as aerospace, wine, global health, 
     clean technology and agriculture.
       Ex-Im Bank is also critical to the ability of U.S. 
     exporters to compete on a level international playing field, 
     where competitors receive aggressive support from their own 
     countries' export credit agencies. The U.S. trails countries 
     like Brazil, Canada, China, Germany, France, India, and Italy 
     in official export credit volumes as a share of each 
     country's national economy. According to the Information 
     Technology & Innovation Foundation, export credit banks in 
     Brazil and China provided 10 times more financing to their 
     exporters as a share of GDP in 2010 than the Ex-Im Bank did 
     for American exporters. Even the export credit agency of 
     Canada--which has an economy about one-eighth our size--does 
     more lending volume.
       Without Ex-Im Bank reauthorization, our country's exporters 
     won't be able to compete effectively in the global 
     marketplace. We urge you to join us in supporting swift Ex-Im 
     Bank reauthorization.
           Yours truly,
         Birmingham Business Alliance (AL), Business Council of 
           Alabama (AL), South Shelby County Chamber of Commerce 
           (AL), Arkansas State Chamber of Commerce/Associated 
           Industries of Arkansas (AR), Arizona Chamber of 
           Commerce and Industry (AZ), Buckeye Valley Chamber of 
           Commerce (AZ), Flagstaff Chamber of Commerce (AZ), 
           Greater Phoenix Chamber of Commerce (AZ), North 
           Scottsdale Chamber of Commerce (AZ), Tucson 
           Metropolitan Chamber of Commerce (AZ), Alliance of 
           Chambers of Commerce of Ventura and Santa Barbara 
           Counties (CA), California Chamber of Commerce (CA), 
           Greater Fresno Chamber of Commerce (CA), Greater Oxnard 
           Chamber of Commerce (CA), Huntington Beach Chamber of 
           Commerce (CA), Irvine Chamber of Commerce (CA), Long 
           Beach Area Chamber of Commerce (CA), Los Angeles Area 
           Chamber of Commerce (CA), Orange County Business 
           Council (CA), Palm Desert Chamber of Commerce (CA), 
           Redondo Beach Chamber of Commerce (CA), San Francisco 
           Chamber of Commerce (CA), Santa Clara Chamber of 
           Commerce and Visitors Bureau (CA);
         Mobile Area Chamber of Commerce (AL), Shoals Chamber of 
           Commerce (AL), San Jose Silicon Valley Chamber of 
           Commerce (CA), Simi Valley Chamber of Commerce (CA), 
           South Bay Association of Chambers of Commerce (CA), 
           Torrance Area Chamber of Commerce (CA), Colorado 
           Association of Commerce and Industry (CO), Crested 
           Butte/Mt Crested Butte Chamber of Commerce (CO), Denver 
           Metro Chamber of Commerce (CO), Greater Colorado 
           Springs Chamber of Commerce and EDC (CO), Connecticut 
           Business & Industry Association (CT), Fairfield Chamber 
           of Commerce (CT), Delaware State Chamber of Commerce 
           (DE), Florida Chamber of Commerce (FL), Greater Miami 
           Chamber of Commerce (FL), Barrow County Chamber of 
           Commerce (GA), Georgia Chamber of Commerce (GA), 
           Greater Rome Georgia Chamber of Commerce (GA), Gwinnett 
           Chamber of Commerce (GA), Chamber of Commerce of Hawaii 
           (HI), Hong Kong.China.Hawaii Chamber of Commerce (HI), 
           Kauai Chamber of Commerce (HI), Kona-Kohala Chamber of 
           Commerce (HI), Maui Chamber of Commerce (HI), Molokai 
           Chamber of Commerce (HI), Greater Craigmont Area 
           Chamber of Commerce (ID), Greater Pocatello Chamber of 
           Commerce (ID), Batavia Chamber of Commerce (IL), 
           Chicagoland Chamber of Commerce (IL), Downers Grove 
           Area Chamber of Commerce & Industry (IL), GOA Regional 
           Business Association (IL), Illinois Chamber of Commerce 
           (IL), Joliet Regional Chamber of Commerce & Industry 
           (IL), Kankakee Regional Chamber of Commerce (IL), 
           Mendota Area Chamber of Commerce (IL), Mendota Area 
           Chamber of Commerce (IL);
         Naperville Area Chamber of Commerce (IL), Peoria Area 
           Chamber of Commerce (IL), Rockford Chamber of Commerce 
           (IL), Rolling Meadows Chamber of Commerce (IL), Western 
           DuPage Chamber of Commerce (IL), Quad Cities Chamber of 
           Commerce (IL/IA),

[[Page 6379]]

           Greater Fort Wayne Chamber of Commerce (IN), Warsaw/
           Kosciusko County Chamber of Commerce (IN), Fredonia 
           Area Chamber of Commerce (KS), Greater Topeka Chamber 
           of Commerce (KS), Wichita Metro Chamber of Commerce 
           (KS), Greater Louisville Inc.--The Metro Chamber of 
           Commerce (KY), Kentucky Chamber of Commerce (KY), 
           Northern Kentucky Chamber of Commerce (KY), World Trade 
           Center Kentucky (KY), Baton Rouge Area Chamber (LA), 
           Central Louisiana Chamber of Commerce (LA), East St. 
           Tammany Chamber of Commerce (LA), Greater New Orleans, 
           Inc. (LA), New Orleans Chamber of Commerce (LA), 
           Southwest Louisiana Economic Development Alliance (LA), 
           The Southwest Louisiana Economic Development Alliance 
           (LA), Chambers Southwest Louisiana (LA), Associated 
           Industries of Massachusetts (MA), Carroll County 
           Chamber (MD);
         Salisbury Area Chamber of Commerce (MD), Auburn Hills 
           Chamber of Commerce (MI), Detroit Regional Chamber of 
           Commerce (MI), Traverse City Area Chamber of Commerce 
           (MI), River Heights Chamber of Commerce (MN), Missouri 
           Chamber of Commerce (MO), St. Louis Regional Chamber & 
           Growth Association (MO), Covington County Chamber of 
           Commerce (MS), Montana Chamber of Commerce (MT), 
           Ahoskie Chamber of Commerce (NC), Cabarrus Regional 
           Chamber of Commerce (NC), Charlotte Chamber of Commerce 
           (NC), Fayetteville-Cumberland County Chamber of 
           Commerce (NC), Greater Raleigh Chamber of Commerce 
           (NC), Greater Wilmington Chamber of Commerce (NC), 
           Laurinburg/Scotland County Area Chamber of Commerce 
           (NC), North Carolina Chamber of Commerce (NC), Rowan 
           County Chamber of Commerce (NC), North Dakota Chamber 
           of Commerce (ND), New Hampshire Business & Industry 
           Association (NH), Gateway Regional Chamber of Commerce 
           (NJ), Mercer Regional Chamber of Commerce (NJ), New 
           Jersey Chamber of Commerce (NJ), Boulder City Chamber 
           of Commerce (NV), Carson Valley Chamber of Commerce and 
           Visitors Authority (NV), Henderson Chamber of Commerce 
           (NV), North Las Vegas Chamber of Commerce (NV);
         White Pine Chamber of Commerce (NV), Adirondack Regional 
           Chamber of Commerce (NY), Albany-Colonie Regional 
           Chamber of Commerce (NY), Buffalo-Niagara Partnership 
           (NY), Business Council of New York State, Inc. (NY), 
           Chamber of Schenectady County (NY), Long Island 
           Association (NY), Manhattan Chamber of Commerce (NY), 
           North Country Chamber of Commerce (NY), Rochester 
           Business Alliance (NY), Ashland Area Chamber of 
           Commerce (OH), Chamber of Commerce Serving Middletown, 
           Monroe & Trenton (OH), Cincinnati USA Regional Chamber 
           of Commerce (OH), Clermont Chamber of Commerce (OH), 
           Lima/Allen County Chamber of Commerce (OH), Waterville 
           Area Chamber of Commerce (OH), Westerville Area Chamber 
           of Commerce (OH), Youngstown/Warren Regional Chamber 
           (OH);
         Cushing Chamber of Commerce (OK), Tulsa Metro Chamber 
           (OK), Gresham Area Chamber of Commerce (OR), Lebanon 
           Chamber of Commerce (OR), Portland Business Alliance 
           (OR), Wilsonville Area Chamber of Commerce (OR), Erie 
           Regional Chamber & Growth Partnership (PA), Greater 
           Pittsburgh Chamber of Commerce (PA), Pennsylvania 
           Chamber of Business and Industry (PA), Schuylkill 
           Chamber of Commerce (PA), Northern Rhode Island Chamber 
           of Commerce (RI), Charleston Metro Chamber of Commerce 
           (SC), Greater Columbia Chamber of Commerce (SC), 
           Greater Summerville/Dorchester County Chamber of 
           Commerce (SC).
                                  ____

         Alabama, Arizona, Arkansas, California, Connecticut, 
           Guam, Hawai'i, Illinois, Iowa, Kentucky, Maryland, 
           Massachusetts, Minnesota, Nevada, North Carolina, 
           Oklahoma, Oregon, Puerto Rico, South Dakota, U.S. 
           Virgin Islands, Vermont, Washington.
                                                   March 19, 2012.
     Hon. John A. Boehner,
     Speaker, U.S. House of Representatives, Capitol Building, 
         Washington, DC.
     Hon. Harry Reid,
     Majority Leader, U.S. Senate, Capitol Building Washington, 
         DC.
     Hon. Nancy Pelosi,
     Minority Leader, U.S. House of Representatives, Capitol 
         Building, Washington, DC.
     Hon. Mitch McConnell,
     Minority Leader, U.S. Senate, Capitol Building, Washington, 
         DC.
       Dear Speaker Boehner, Leader Reid, Leader Pelosi and Leader 
     McConnell: As governors of states and territories across the 
     nation whose economies, communities and families benefit from 
     exports, we urge you to pass a four-year reauthorization of 
     the U.S. Export-Import Bank (Ex-Im) and raise the limit on 
     Ex-Im's loan portfolio to no less than $135 billion. As the 
     official export credit agency of the United States, Ex-Im is 
     a critical tool for U.S. exporters in our states and a money-
     maker for American taxpayers.
       At a time of high unemployment, Ex-Im is an important 
     source of job creation and sustainment. Last year alone, Ex-
     Im supported $34 billion in exports which in turn supported 
     the creation or sustainment of an estimated 230,000 jobs at 
     more than 3,300 companies across the country. In addition, 
     approximately 80 percent of the Ex-Im's transactions are in 
     support of small U.S. businesses. Ex-Im works for American 
     companies and taxpayers--it is good business and good 
     government.
       Ex-Im also is financially self-sustaining. In the five 
     years since Congress last reauthorized Ex-Im, it has returned 
     more than $3 billion to the U.S. Treasury above and beyond 
     the cost of its operations.
       Ex-Im is critical to the ability of exporters in our states 
     to compete on a level international playing field where 
     competitors receive aggressive support from their own 
     countries' export credit agencies. At a time of significant 
     economic challenge here at home, support for Ex-Im means 
     support for U.S. exports and U.S. jobs.
       Ex-Im's temporary reauthorization will expire on May 31, 
     and failure to reauthorize its operations at an 
     internationally competitive level will seriously disadvantage 
     U.S. companies--small and large--potentially resulting in the 
     loss of thousands of jobs in our states.
       We strongly urge you to approve legislation before June 1, 
     2012 to reauthorize Ex-Im with a higher lending cap to 
     support surging U.S. exports and American jobs. It is the 
     right thing to do for our states, our economy and our nation.
           Sincerely,
         Governor Chris Gregoire, Washington; Governor Bev Perdue, 
           North Carolina; Governor Mike Beebe, Arkansas; Governor 
           Dannel P. Malloy, Connecticut; Governor Peter Shumlin, 
           Vermont; Governor Deval Patrick, Massachusetts; 
           Governor Robert Bentley, Alabama; Governor Pat Quinn, 
           Illinois; Governor Steven L. Beshear, Kentucky; 
           Governor Eddie Baza Calvo, Guam; Governor Brian 
           Sandoval, Nevada; Governor Dennis Daugaard, South 
           Dakota; Governor John A. Kitzhaber, Oregon; Governor 
           Terry E. Branstad, Iowa; Governor John deJongh, Jr., 
           Virgin Islands; Governor Luis G. Fortuno, Puerto Rico; 
           Governor Martin O'Malley, Maryland; Governor Mark 
           Dayton, Minnesota; Governor Edmond G. Brown, Jr., 
           California; Governor Mary Fallin, Oklahoma; Governor 
           Neil Abercrombie, Hawaii; Governor Jan Brewer, Arizona.
                                  ____



                                       Office of the Governor,

                                Springfield, IL, December 6, 2011.
       Dear Illinois Representative: I write to urge your strong 
     support for reauthorization of the U.S. Export-Import Bank 
     (Ex-Im). Ex-Im is the official export credit agency of the 
     U.S. and assists in financing the export of American goods 
     and services from many industries at no cost to the American 
     taxpayer. Ex-Im's charter expired on September 30, 2011, and 
     the Bank is currently operating under authority provided in 
     the current short-term Continuing Resolution.
       Global trade is an integral part of our nation's economic 
     recovery. In 2010, Illinois exports totaled $50 billion, up 
     20 percent from 2009. Through the first half of 2011, exports 
     are up another 30 percent over the same time period in 2010. 
     The Ex-Im Bank has provided significant support towards our 
     momentum. Over the last five years, Ex-Im has assisted more 
     than 280 Illinois companies export their products and 
     services around the world, including 114 firms in 2011.
       At a time of high unemployment, the Ex-Im Bank is an 
     important source of job creation and sustainment. Last year 
     alone, Ex-Im supported $34 billion in exports, which in turn 
     supported the creation or sustainment of an estimated 230,000 
     jobs at more than 3,300 companies across the country. In 
     addition, approximately 80 percent of the Ex-Im Bank's 
     transactions are in support of small businesses.
       The Ex-Im Bank is financially self-sustaining. In the five 
     years since Congress last reauthorized the Bank's operations, 
     Ex-Im has returned more than $3 billion to the U.S. Treasury. 
     In this period of deficit reduction, the Bank makes money for 
     the U.S. Government Ex-Im works for American companies and 
     taxpayers--it is good business and good government.
       Ex-Im is critical to the ability of many U.S. exporters to 
     compete on a level international playing field where 
     competitors receive aggressive support from their own 
     countries' export credit agencies. At a time of significant 
     economic challenge here at home, support for the Ex-Im Bank 
     means support for U.S. exports and U.S. jobs.
       I urge your strong support for the timely reauthorization 
     of the Ex-Im Bank.
           Regards,
                                                        Pat Quinn,
                                                         Governor.

[[Page 6380]]

     
                                  ____
                                  Florida Chamber of Commerce,

                                   Tallahassee, FL, Nov. 22, 2011.
     Hon. Bill Nelson,
     U.S. Senate, Hart Senate Office Building, Washington DC.
       Dear Senator Nelson: I am writing to urge your support for 
     reauthorization of the U.S. Export-Import Bank (Ex-Im). Ex-Im 
     is the official export credit agency of the United States and 
     assists in financing the export of U.S. goods and services 
     from many U.S. industries at no cost to the American 
     taxpayer. Ex-Im's charter expired on September 30, 2011 and 
     is operating under authorities provided in the current short-
     term Continuing Resolution.
       Ex-Im provides significant support to many Florida 
     companies. Over the last five years, Ex-Im has assisted more 
     than 600 Florida companies export their products and services 
     around the world. And more than 470 of these companies are 
     small businesses. Just this year alone, Ex-Im has assisted 
     259 Florida companies, including 205 small businesses. Ex-Im 
     plays an important role in supporting Florida exports and 
     jobs.
       The Ex-Im Bank is financially self-sustaining. In the five 
     years since Congress last reauthorized the Bank's operations, 
     Ex-Im has returned more than $3 billion to the U.S. Treasury 
     above and beyond the cost of its operations. In this period 
     of deficit reduction, the Bank makes money for the U.S. 
     Government. And at a time of high unemployment, the Ex-Im 
     Bank is an important source of job creation and sustainment. 
     Last year alone, Ex-Im supported $34 billion in exports, 
     which in turn supported the creation or sustainment of an 
     estimated 230,000 jobs at more than 3,300 companies across 
     the country. In addition, approximately 80 percent of the Ex-
     Im Bank's transactions are in support of U.S. small 
     businesses. Ex-Im works for American companies and 
     taxpayers--it is good business and good government.
       Ex-Im is critical to the ability of many U.S. exporters to 
     compete on a level international playing field where 
     competitors receive aggressive support from their own 
     countries' export credit agencies. At a time of significant 
     economic challenge here at home, support for the Ex-Im Bank 
     means support for U.S. exports and U.S. jobs!
       I urge your strong support for the timely reauthorization 
     of the Ex-Im Bank.
           Sincerely,
                                                    David A. Hart,
     Executive Vice President.
                                  ____

                                              State of Washington,


                                       Office of the Governor,

                                    Olympia, WA, November 2, 2011.
       Dear Members of the Washington Congressional Delegation: I 
     urge your strong support for the reauthorization of the U.S. 
     Export-Import Bank (Ex-Im Bank), which is the official export 
     credit agency of the United States. Ex-Im Bank assists in 
     financing the export of American goods and services from many 
     industries at no cost to the American taxpayer. The bank is 
     currently operating under authorities provided in the short-
     term Continuing Resolution because its charter expired on 
     September 30, 2011.
       Ex-Im Bank provides critical support to many Washington 
     State companies, and over the last five years, has assisted 
     more than 160 companies in exporting tens of billions of 
     dollars worth of products and services. Over 100 of these 
     companies are small businesses. Just this year alone, Ex-Im 
     Bank assisted 74 Washington companies, including 57 small 
     businesses. In many cases, the trade finance it supplied was 
     an essential ingredient for the completion of the export 
     transaction. In most cases this type of financial assistance 
     would not have been available from the private sector. As a 
     result, Ex-Im Bank plays a very important role in supporting 
     Washington State exports and much-needed jobs.
       Last summer, I announced a Washington State export 
     initiative to complement President Obama's National Export 
     Initiative which had a goal of doubling exports in five 
     years. These initiatives were launched recognizing that 
     increasing exports will play an important role in speeding 
     our economic recovery and growing jobs our state. At a time 
     of high unemployment, Ex-Im Bank's trade finance is an 
     important source of job creation and retention. Last year 
     alone, it supported $34 billion in exports which in turn 
     helped to create or sustain an estimated 230,000 jobs at more 
     than 3,300 companies across the country. In addition, 
     approximately 80 percent of the bank's transactions are in 
     support of U.S. small businesses. Ex-Im Bank works for 
     American companies and taxpayers--it is good business and 
     good government.
       Moreover, Ex-Im Bank is financially self-sustaining. In the 
     five years since Congress last reauthorized the bank's 
     operations, it has returned more than $3 billion to the U.S. 
     Treasury above and beyond the cost of its operations. During 
     a time when there is a lot of concern about the deficit, the 
     bank makes money for the U.S. Government.
       Ex-Im Bank is critical to the ability of many U.S. 
     exporters to compete on a level international playing field 
     where competitors receive aggressive support from their own 
     countries' export credit agencies. At a time of significant 
     economic challenge here at home, support for the Ex-Im Bank 
     means support for American exports and jobs.
       I urge your strong support for the timely reauthorization 
     of the Ex-Im Bank. Thank you for your consideration of this 
     request.
           Sincerely,
                                            Christine O. Gregoire,
     Governor.
                                  ____



                                Congress of the United States,

                                   Washington, DC, April 26, 2012.
     Hon. John A. Boehner,
     Speaker of the House, House of Representatives, Washington, 
         DC.
     Hon. Eric Cantor,
     Majority Leader, House of Representatives, Washington, DC.
       Dear Speaker Boehner and Leader Cantor: As you know, 
     authorization for the U.S. Export-Import Bank (Ex-Im) is set 
     to expire on May 31, 2012, and it is expected that the Bank 
     will hit its $100 billion lending cap in the coming weeks. As 
     conservatives, we believe it is imperative that Congress move 
     forward with a multi-year reauthorization of Ex-Im that 
     provides certainty and stability for U.S. manufacturers and 
     exporters as soon as possible.
       Ex-Im plays an important role in supporting U.S. exports 
     and creating and maintaining U.S. jobs. In Fiscal Year 2011 
     (FY11), for instance, Ex-Im provided more than $32 billion in 
     direct export financing and supported more than $40 billion 
     in export sales and 290,000 American jobs, all at no cost to 
     taxpayers. More than 700 first-time small businesses were 
     among the companies that used Ex-Im in FY11. Additionally, 
     Ex-Im consistently returns money to the U.S. Treasury, 
     contributing $3.7 billion in the last seven years alone.
       Let us be clear: in a perfect world there would be no need 
     for this type of export financing, and we applaud efforts to 
     reform Ex-Im and engage with our trading partners to promote 
     equal trading platforms on both a bilateral and multilateral 
     basis. At the same time, it seems counterproductive to 
     unilaterally disengage. Foreign export banks continue to lend 
     at low rates and have used the uncertainty surrounding Ex-Im 
     reauthorization to their advantage. We have heard from U.S. 
     businesses that have already lost sales to foreign 
     competitors based not on product differentials but, rather, 
     on lack of clarity on Congress's intentions with our export 
     bank. We fear that this will continue and could ultimately 
     lead to a significant decline in U.S. exports, in turn having 
     a profoundly negative impact on domestic employment.
       As you consider Ex-Im reauthorization, we encourage you to 
     give serious consideration to a multi-year authorization over 
     one for a shorter period of time. The marketplace certainty 
     that comes with a longer-term authorization not only makes 
     bank activity easier to facilitate, but also will allow our 
     U.S. manufacturers and exporters to enter into longer-term 
     contracts with their customers. We also believe it is 
     imperative that all appropriate steps be taken in Ex-Im 
     reauthorization legislation, consistent with the need to 
     protect competition and business sensitive information, to 
     increase the transparency of Ex-Im transactions.
       Given our nation's economic climate, it is important to do 
     what we can to promote U.S. exports and create American jobs. 
     This is a program that generates not only exports and jobs, 
     but also much-needed revenue for the federal government. We 
     thank you for your consideration of this request.
           Sincerely,
         Blaine Luetkemeyer, Member of Congress; James B. Renacci, 
           Member of Congress; Adam Kinzinger, Member of Congress; 
           Gregg Harper, Member of Congress; Tom Latham, Member of 
           Congress; Bobby Schilling, Member of Congress; John 
           Campbell, Member of Congress; Mac Thornberry, Member of 
           Congress; Billy Long, Member of Congress; Randy 
           Hultgren, Member of Congress; John Carter, Member of 
           Congress; Tom Cole, Member of Congress; Bill Johnson, 
           Member of Congress; Michael G. Grimm, Member of 
           Congress; Nan A.S. Hayworth, Member of Congress; Rick 
           Crawford, Member of Congress; Larry Bucshon, Member of 
           Congress; Rick Berg, Member of Congress; Aaron Schock, 
           Member of Congress; Don Manzullo, Member of Congress; 
           Steve Stivers, Member of Congress; David Rivera, Member 
           of Congress; Cynthia Lummis, Member of Congress; Vicky 
           Hartzler, Member of Congress; Richard Nugent, Member of 
           Congress; Chris Gibson, Member of Congress; Robert J. 
           Wittman, Member of Congress; Joe Wilson, Member of 
           Congress; Bob Gibbs, Member of Congress; Jeff 
           Fortenberry, Member of Congress.
                                  ____


           [Republican Main Street Partnership, May 7, 2012]

                  Re-Authorize the Export-Import Bank

 (By former U.S. Rep. Amory F, Houghton and former U.S. Rep. Tom Davis)

       As former Republican members of the House who served during 
     the 1990s, it is not often that we agree with former 
     President Bill Clinton. On the re-authorization of the 
     Export-Import Bank, however, the former President is 
     absolutely right. Recently, Clinton urged reauthorization of 
     the Export-Import Bank, ``Whether you are Republicans,

[[Page 6381]]

     Democrats or Independents, I urge you to ask the Congress to 
     reauthorize.''
       President Clinton is spot on when he says that re-
     authorization of the bank will, ``help to create a stronger 
     America.''
       The truth is that our economy continues to struggle and 
     that our national unemployment rate continues to be far too 
     high. For too many in our country, the American dream is 
     becoming harder to realize.
       Republicans have rightfully said for years that the last 
     thing we need to do is to raise taxes in the teeth of a 
     recession. Republicans have also been leading the fight on 
     regulatory reform because they understand the burden placed 
     on businesses by unnecessary and overly complex bureaucratic 
     red tape.
       Republicans have fought tax increases and fought for 
     regulatory reform because they understand the importance of 
     creating jobs--particularly in this fragile economy. It is 
     for that reason that the Export-Import Bank should be re-
     authorized.
       Last year alone, the Export-Import Bank supported more than 
     $40 billion in export sales from American companies. These 
     sales, from 3,600 companies, supported almost 300,000 jobs.
       Lawmakers have a daunting task in front of them today--not 
     only must they find ways to spur economic growth and create 
     jobs, they must do so in the context of a looming 
     unprecedented fiscal crisis as a result of deficit spending 
     and mountains of federal debt. The good news is that the 
     Export-Import Bank not only creates jobs, it does so without 
     adding to the federal debt.
       Unlike the failed ``stimulus'' spending, which cost 
     taxpayers trillions of dollars, the cost to the American 
     taxpayers for the Export-Import Bank's job creation is 
     nothing. The Bank generates enough fees to offset its costs 
     and actually contributes the remaining surpluses to the 
     United States Treasury. Indeed, over the last five years, the 
     Bank has returned $3.4 billion to the United States Treasury.
       The Export-Import Bank has been an important tool for 
     global competitiveness, especially for small businesses. 
     Small businesses are the engines that drive job creation in 
     the American economy, and more than 85 percent of the Export-
     Import Bank's transactions directly supported small 
     businesses.
       The Export-Import Bank does not compete with private 
     lenders. Instead the Bank is a ``lender of last resort.'' The 
     Bank helps to level the playing field for U.S. exporters by 
     matching the financing that other governments provide to 
     their exporters. The Export-Import Bank also fills important 
     gaps in trade financing by assuming credit risks and country 
     risks that other private sector actors are unable or 
     unwilling to do. They have done so with amazing success--
     supporting more than $456 billion of United States exports of 
     the last 77 years.
       The Export-Import Bank's charter expired in 2011 and it is 
     currently operating on an extension that is set to expire on 
     May 31st of this year.
       On Friday night, a compromise was reached in the House. 
     Under the bipartisan agreement the Export-Import Bank's 
     charter will be extended through September 2014 and its loan 
     exposure cap will be raised 40 percent to $140 billion.
       The bank will be required to keep default rates below 2 
     percent. Additionally, the Treasury Department would be 
     required to initiate talks with U.S. trading partners toward 
     ``substantially reducing'' and ultimately ending the practice 
     of export financing subsidies.
       Despite the bipartisan agreement, some are still opposed to 
     re-authorization.
       Opponents of re-authorization have called the Export-Import 
     Bank ``corporate welfare.'' While such accusations may make 
     for good talk radio fodder, they do not represent the reality 
     of the long and successful history of the Export-Import Bank. 
     The Bank has a 77-year track of making investments in 
     American companies that have created millions of jobs.
       Failure to re-authorize the bank has rightfully been 
     compared to ``unilateral surrender''--American companies and 
     manufacturers will immediately be placed at a strategic 
     disadvantage in the global marketplace.
       Re-authorization should be passed with wide bipartisan 
     majorities--indeed, when we were in Congress that is exactly 
     what happened. The American people want their representatives 
     in Washington to get this economy moving again; they want to 
     see economic growth that creates much needed jobs. Members on 
     both sides of the aisle should have job creation as their 
     number one priority and re-authorizing the Export-Import Bank 
     is an important part of any job creation effort.
  Mr. CLYBURN. Mr. Speaker, I strongly support H.R. 2072, the 
``Securing American Jobs Through Exports Act of 2011'' which 
reauthorizes the Export-Import (Ex-Im) Bank for three years. Last year 
the Export-Import Bank supported nearly 300,000 American jobs; 300,000 
American jobs. This reauthorization is a no brainer.
  The Export-Import Bank provided $32 billion in financing last year--
all at no cost to the taxpayer. More than 80% of those transactions 
directly supported small businesses in 2011. The Ex-Im Bank provides 
support for small business owners who may be less familiar with the 
global economy, but want to grow their business, create jobs, support 
their community, and make it in America.
  In my home state of South Carolina, the first Boeing 787 Dreamliner 
rolled out of the production facility at the Charleston Airport just 
two weeks ago. The Export-Import Bank fills an important financing gap 
for Boeing that helps level the global playing field and encourages 
foreign companies to buy American-made products like the Dreamliner. 
Reauthorizing the Ex-Im Bank will protect jobs in South Carolina and 
all around the country.
  Mr. GENE GREEN of Texas. Mr. Speaker, I rise in support of our 
Nation's small businesses and manufacturers, and call on this House to 
vote in favor of H.R. 2072, the Securing American Jobs Through Exports 
Act of 2011.
  This legislation will reauthorize the Export-Import Bank of the 
United States, or Ex-Im Bank, for three years and raise its lending 
authority to $140 billion.
  Founded during the Great Depression, the Ex-Im Bank, has served 
American businesses for nearly 80 years through its financial support 
of our Nation's exporters--both large and small. The U.S. Chamber of 
Commerce has found that small businesses make up 87 percent of Ex-Im 
Bank transactions.
  In Fiscal Year 2011, the Ex-Im Bank supported 290,000 export-related 
American jobs by providing more than $32 billion in financing to more 
than 3,600 U.S. companies nationwide.
  Since 1934, Ex-Im Bank has provided assistance to more than $474 
billion of U.S. exports. Over the past five years, the Ex-Im Bank has 
provided businesses in the 29th District of Texas with over $407 
million in export financing alone.
  It is important to note that the work of the Bank is done at no cost 
to the taxpayer. It is self-sustaining and covers all of its operating 
expenses and loan loss reserves through fees the Bank charges users. In 
fact, the Bank normally makes a profit and has returned nearly $2 
billion to the Treasury since 2008.
  During this time of economic uncertainty and growing international 
competition, it is imperative that Congress pass H.R. 2072 and 
reauthorize the Ex-Im Bank. To do otherwise would unnecessarily 
endanger tens of thousands of American jobs.
  Mrs. CAPPS. Mr. Speaker, I rise today in support of H.R. 2072, the 
bipartisan Securing Jobs Through Exports Act.
  Other nations are aggressively supporting their businesses' exports, 
making it more important than ever to help American manufacturers 
secure the financing they need to compete in foreign markets.
  The Export-Import Bank helps make this happen, creating middle class 
jobs here at home and boosting our economic competitiveness by 
investing in a strong manufacturing sector that builds and exports 
products around the world.
  Just last year, the Bank provided $32 billion in financing to 
thousands of companies, which supported nearly 290,000 American jobs. 
Over 80 percent of those transactions directly supported small 
businesses.
  In my district alone, the Bank supported over $36 million in sales 
over the last five years, helping innovative Central Coast businesses 
like Mafi-Trench and CoreSulpher grow and hire.
  The Securing Jobs Through Exports Act will provide the necessary 
tools and resources for the Bank to continue this important work.
  It reauthorizes the Bank for three years, giving U.S. businesses the 
certainty they need, and incrementally increases the exposure limit to 
$140 billion by fiscal year 2014 in response to the growing demand for 
Ex-Im financing.
  The bill will also make Ex-Im more effective and accountable by 
funding technology upgrades and requiring additional reporting to 
Congress.
  This bipartisan legislation has broad, bipartisan support from both 
labor and business groups, including the Chamber of Commerce, 
International Association of Machinists and Aerospace Workers, NAM, and 
Business Roundtable.
  Mr. Speaker, as our fragile economy continues to recover, we must 
ensure American businesses have the tools they need to compete in the 
global marketplace and create jobs for workers here at home.
  This bipartisan legislation will help do exactly that.
  I urge my colleagues to support H.R. 2072.
  Ms. RICHARDSON. Mr. Speaker, I rise today in support of H.R. 2072, 
the ``Securing American Jobs Through Exports Act of 2011.'' This 
legislation reauthorizes for three years the charter and lending 
authority of the Export-Import Bank of the United States. In addition,

[[Page 6382]]

the legislation contains several financial reforms that will help 
ensure the ``Ex-Im Bank'' remains fiscally sound so it may continue its 
outstanding record supporting American business to increase export 
sales, which is perhaps the best way to preserve and increase high 
value manufacturing and service jobs.
  As the representative of the congressional district that adjoins the 
Ports of Long Beach and Los Angeles, the largest port complex in the 
Nation, I know first-hand the important role the Ex-Im Bank plays for 
U.S. exporters, and the thousands of jobs created by increased 
international trade.
  The Ex-Im Bank is the official export credit agency of the United 
States and provides financial assistance for the export of American 
goods and services to international markets. In Fiscal Year 2011 alone 
the Bank supported 290,000 export-related American jobs by providing 
more than $32 billion in financing to facilitate more than $40 billion 
in export sales by more than 3,600 American businesses.
  Since 1934, the Ex-Im Bank has served as the principal government 
agency responsible for aiding the export of American goods and 
services, thereby creating and sustaining U.S. jobs. With its 75-year 
track record, the Ex-Im Bank is projected to inject $900 million into 
the U.S. Treasury by facilitating the sale abroad of hundreds of 
billions of dollars of American made goods, which in turn will create 
or preserve hundreds of thousands of American jobs. In 2011 alone, the 
Ex-Im Bank facilitated sales supported 290,000 American jobs.
  The United States must stay competitive in the emerging and 
competitive global market. The Ex-Im Bank assists U.S. manufacturers, 
small and large, in selling their products abroad. The Bank facilitates 
financing for foreign buyers who wish to purchase American manufactured 
goods, thus increasing sales, which translates into more good-paying 
American jobs.
  Reauthorization of the Ex-Im Bank's charter will have a positive 
impact on job preservation and creation in the United States, and in 
the 37th Congressional District in California, which I represent. My 
district is home to more than a dozen companies that export millions of 
dollars of products annually.
  Mr. Speaker, exporters in my congressional district include a diverse 
group of small and large businesses as well as businesses that are 
minority or women owned. In the aggregate they generate about $100 
million dollars in export sales annually. I ask unanimous consent to 
include in the record a list of local businesses in California's 37th 
Congressional District that have directly benefited from financing by 
the Ex-Im Bank.
  The Ex-Im Bank is self-sustaining and does not cost taxpayers a dime. 
Rather, the money it generates is returned to the U.S. Treasury, nearly 
$2 billion over the past five years, and helps reduce the deficit. 
Moreover, since its inception, less than 2 percent of the Bank's loans 
have ever defaulted, and even in those cases, loss is minimized because 
the borrower's manufactured goods are pledged as part of the collateral 
for the loan.
  Mr. Speaker, exports are increasingly critical to economic growth and 
job creation, economic and job recovery. The Ex-Im Bank is an 
indispensable tool in the national effort to increase export sales. 
That is why I am a proud and enthusiastic supporter of H.R. 2072, which 
enjoys broad support from business and labor and the Obama 
Administration.
  I urge my colleagues to join me in voting to pass this important 
legislation.
  Mr. JOHNSON of Georgia. Mr. Speaker, today I rise in support of H.R. 
2072, the Export-Import Reauthorization Act of 2012.
  Since it was established in 1934, the Ex-Im Bank has helped to 
support American exports by providing loan guarantees, working capital 
guarantees, export credit insurance, and direct loans to American 
companies and foreign businesses that purchase American products.
  The Ex-Im Bank has supported more than $450 billion of U.S. exports 
since its inception.
  Over the last five years the Ex-Im Bank has supported 11,000 
transactions and $65.5 billion, supporting American jobs and American 
businesses in more than 2,000 communities nationwide.
  Since 2007, in my home state of Georgia, the Ex-Im Bank has supported 
the trading activities of 129 companies, 60 percent of which were small 
businesses--supporting over $2 billion dollars in total export sales.
  In my district over the same time period, the Ex-Im Bank has assisted 
16 companies--including nine small businesses and four minority-owned 
businesses--supporting more than $270 million dollars in total export 
sales.
  John Chihade, Vice President of Chihade International, a small 
business in my district, told my office,

       ``Without the Ex-Im Bank I would not have been able to get 
     the line of credit that I currently have. With the SBA my 
     line of credit was $5 million, but with the support of the 
     Ex-Im Bank I am now up to $7\1/2\ million. This has allowed 
     me to really grow my business. I've gone from 3 employees to 
     42 employees in 4 years.''

  Because of the Ex-Im Bank's support for Mr. Chihade's company, not 
only was he able to sustain his business during the worst economic 
recession in America's history, but he was able to grow his business 
and create jobs.
  In Fiscal Year 2011, the Ex-Im Bank provided $6 billion in financing 
and insurance to American small businesses and has set a goal of 
providing $9 billion annually, adding 5,000 new businesses to its 
portfolio by 2015.
  These 5,000 new businesses will be better able to sell goods in the 
global marketplace and expand their enterprises, creating jobs and 
opportunity while strengthening and expanding America's global 
commercial reach.
  It's no wonder that the Ex-Im Bank plays such a key role in the 
President's National Export Initiative, a plan to double U.S. exports 
in five years to support 2 million jobs in the United States.
  Our work to reauthorize the Ex-Im Bank is a rare example of effective 
government in this House, and I have to commend my colleagues, the 
Majority Leader and the Minority Whip, for working so hard to make sure 
this key priority of the Obama Administration is passed. My colleagues 
have not only recognized the need to reauthorize the Ex-Im Bank, but 
also the need for improvements to ensure the long-term success of the 
Bank.
  The provision that directs the Secretary of the Treasury to look at 
the impact of the Bank's activities on private competition will provide 
the Ex-Im Bank and Congress with the information that is needed to 
ensure that the Bank's lending practices do not unintentionally benefit 
one U.S. industry at the expense of another.
  Also--and I think that most of my Republican colleagues will agree--
the provision that raises the Ex-Im Bank's lending cap by $40 billion 
is critically important to ensuring that the U.S. can continue to 
support American exporters by matching the unfair export financing 
activities of foreign nations such as China, and other non-OECD member 
countries.
  Re-authorizing the Ex-Im Bank is a win-win-win.
  It is a win for American workers, American businesses, and for the 
American taxpayers.
  Not one single taxpayer dollar will be needed to re-authorize the Ex-
Im Bank.
  In fact, since 2005, the Ex-Im Bank has generated more than $3.4 
billion in profits that it has returned to the Treasury, including $700 
million in Fiscal Year 2011.
  With a less than 2 percent borrower default rate since its inception, 
the Ex-Im Bank is, and has been, a revenue generator for the American 
taxpayer.
  The Ex-Im Bank is a prime example of government efficiency, and I for 
one am glad that we could come to a bipartisan compromise here in the 
House to re-authorize its charter, and I strongly urge my Senate 
colleagues to do the same.
  Again Mr. Speaker, I support the re-authorization of the Export-
Import Bank and urge my colleagues to support this legislation.
  The SPEAKER pro tempore. The question is on the motion offered by the 
gentleman from California (Mr. Gary G. Miller) that the House suspend 
the rules and pass the bill, H.R. 2072, as amended.
  The question was taken.
  The SPEAKER pro tempore. In the opinion of the Chair, two-thirds 
being in the affirmative, the ayes have it.
  Mr. GARY G. MILLER of California. Mr. Speaker, on that I demand the 
yeas and nays.
  The yeas and nays were ordered.
  The SPEAKER pro tempore. Pursuant to clause 8 of rule XX, further 
proceedings on this question will be postponed.

                          ____________________