Today, Congressman Henry Cuellar (D-Laredo) helped pass HR 2072, the Securing American Jobs Through Exports Act of 2011.  This bipartisan legislation reauthorizes the Export-Import Bank’s charter, which is set to expire May 31, 2012. The bill also extends the Export-Import Bank’s authority to help financing for American exporters and raises the Bank’s lending limit to $140 billion by 2014.  HR 2072 passed the House of Represenatives by a vote of 330-93.    

“The Export-Import Bank supports over 288,000 U.S. jobs at no cost to taxpayers and helps American businesses increase foreign sales by breaking into new markets. In February alone, the Bank supported over $441 thousand in export financing in my district.” said Cuellar.  “Reauthorizing the Ex-Im Bank is a victory for the U.S. economy and American workers because more American exports mean more American jobs.”

The Export-Import Bank of the United States reports that, in Texas alone, it has supported 118 communities and 833 companies and financed a total of $9,674.70 million in exports during the last five years. During February 2012, the Ex-Im Bank supported total exports of $441,209.00 in Cuellar’s congressional district. Local businesses receiving support include A1 Truck & Trailer Supercenter LLC, a small business in Laredo and Alamo Group (USA) Inc., a small business in Seguin.

“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,” said Thomas J. Donohue, President and CEO of the U.S. Chamber of Commerce.  “This bill will guarantee a level financial playing field in export markets and ensure transparency in Ex-Im’s operations.”

Established in 1934, the U.S. Export-Import Bank serves as the official export credit agency of the U.S. and helps manufacturers of all sizes gain better access to the private export financing they need to sell their products overseas. The Bank provides direct loans and credit guarantees to encourage U.S. exporters make sales in foreign markets, enabling American businesses to leverage demand in other countries.  As Chairman of the bipartisan Congressional Pro-Trade Caucus, Cuellar has consistently supported trade policies that keep America globally competitive. 

The Securing American Jobs Through Exports Act of 2011will now go to the Senate for consideration, where it is expected to be taken up promptly. Key business groups have expressed their support for this legislation including the US Chamber of Commerce, National Association of Manufacturers, the Financial Services Roundtable and International Association of Machinists and Aerospace Workers.