MONTGOMERY – Governor Robert Bentley on Tuesday, in partnership with Washington Governor Jay Inslee and a bipartisan majority of the nation’s governors, sent a letter today to congressional leaders to urge the long-term reauthorization of the U.S. Export-Import (Ex-Im) Bank. Last year, Congress extended the Ex-Im Bank’s charter until June 30, 2015, following a similar call from governors, led by Governor Bentley and Governor Inslee, businesses, and other supporters.
“Job creation is my number one priority as Governor, and the Export-Import Bank of
Governor Robert Bentley
the United States is a crucial tool that both small and large businesses in Alabama use to export goods around the world,” Governor Robert Bentley said. “Failure to provide a long-term reauthorization of the Ex-Im Bank will place Alabama based businesses at a significant disadvantage in the global marketplace. I strongly encourage Congress to pass a long-term reauthorization.”
The Export-Import Bank is the official credit export agency of the United States, charged with assisting in financing the export of American goods and services. More than 90 percent of U.S. exports are privately financed. But in many cases private lenders are unable or unwilling to take on credit risks or enter unfamiliar markets. In those cases, the Ex-Im Bank can provide loans, loan guarantees, or insurance to worthy businesses to promote exports and assist growth.
In 2014 alone, the Ex-Im Bank financed approximately $27 billion in exports and supported approximately 160,000 American jobs. In Alabama, Ex-Im Bank financing supported 5,073 jobs and $97 million in export sales from 32 companies. Financing from the bank allows American businesses to compete fairly against foreign competitors who receive trade financing from their national export credit agencies.
In addition to the 28 governors who co-signed the Bentley-Inslee letter, governors and state leaders from at least three other states have recently written individual letters to congressional leaders requesting action to reauthorize the bank, bringing the number of governors publicly supporting reauthorization to more than thirty.
The text of the governors’ letter sent today to the leaders of the U.S. House and Senate can be found here.
MEDIA RELEASE/OFFICE OF ALABAMA GOVERNOR ROBERT BENTLEY
