Gov. John deJongh Jr. joined a bipartisan group of governors in sending a letter to congressional leaders urging swift reauthorization of the U.S. Export-Import Bank, also known as the Ex-Im Bank, whose charter expires in September.
The Ex-Im Bank is the official credit export agency of the United States, charged with assisting in financing the export of American goods and services to international markets, according to a news release from Government House. 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 these cases, Ex-Im can provide loans, loan guarantees or insurance to worthy businesses to promote exports and assist growth.
In 2013 alone, Ex-Im financed more than $34 billion in exports and supported approximately 205,000 American jobs, the news release said.
Financing from the bank allows American businesses to compete fairly against foreign competitors who receive trade financing from their national export credit agencies, the letter from the governors reports.
The letter was led by Govs. Jay Inslee of Washington and Robert Bentley of Alabama. Six other governors have written individually to congressional leaders requesting action to reauthorize the bank, bringing the total number of governors who have publicly called for reauthorization to 37.
Click here for the full text of the Inslee-Bentley letter sent today to the leaders of the U.S. House and Senate.
