Hultgren sponsors bill to reauthorize Export-Import Bank of the United States
U.S. Rep. Randy Hultgren (R-IL) recently joined 57 colleagues in co-sponsoring the Reform Exports and Expand the American Economy Act, which would reauthorize a key financing tool for manufacturers and suppliers in Illinois for five years.
The bill would reauthorize the Export-Import (Ex-Im) Bank of the United States. It also contains key reforms meant to improve transparency and accountability to taxpayers, including requiring an independent audit of the bank’s financing portfolio.
“Manufacturers and suppliers in the 14th District rely on the Export-Import Bank to remain competitive with their global competitors, ensure exports reach their customers and ultimately preserve the jobs of their employees,” Hultgren said. “Miner Elastomer in Geneva has supplied the global industrial marketplace with truck and shovel parts for over two decades. Mathews Company in Crystal Lake, which manufactures agricultural equipment, also benefits from the bank—and has jobs on the line. Without the role of the bank, those jobs would be jeopardized.”
Other reforms included in H.R. 597 include increasing capital requirements for loan-loss reserves to protect taxpayers from future defaults, reducing taxpayer exposure from $140 billion to $130 billion, parallel accounting reporting, making the Ex-Im Bank the lender of last resort, and increasing risk sharing by private sector lenders and exporters.
Additionally, the bill would enhance multilateral negotiations to reign in official export credit from countries participating in the Organization for Economic Cooperation and Development (OECD), and such non-OECD countries as China. It also would clearly define the role for the chief risk officer and members of the board of directors that provides balance with the bank’s chairman, require an independent audit of the bank’s portfolio, and provide greater anti-corruption safeguards.
“Since 2007, the Ex-Im Bank has supported almost $6 billion in Illinois export sales from 301 exporters, including 204 small businesses,” Hultgren said. “Reauthorizing the Ex-Im Bank benefits smaller production suppliers here in Illinois, including the 29 production suppliers and other vendors in the 14th District that fulfill Boeing orders. A five-year extension with reforms will ensure stability for Illinois businesses and jobs, and accountability for the American taxpayer.”
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