Amodei signs Ex-Im discharge petition because ÔNevada jobs are on the line'
FOR IMMEDIATE RELEASE Contact: Brian Baluta, 202-225-6155
WASHINGTON, D.C. –Congressman Mark Amodei (NV-2) has joined a bi-partisan coalition of the majority of the members of the U.S. House to sign a discharge petition to bring the reauthorization of the Export-Import Bank of the U.S., also known as Ex-Im, to the House floor. A discharge petition is a parliamentary procedure of last resort used to demand regular order in the House and bring an urgent bill to the floor for consideration.
Authorization for Ex-Im expired on June 30 of this year, leaving businesses throughout Nevada and the nation without this competitive financing tool. Since 2007, Ex-Im authorized and insured $180 million in export value in Nevada, 88 percent of which was exported from Northern Nevada.
“Ex-Im creates American jobs. It creates Nevada jobs. And it does so while generating billions of dollars for the U.S. Treasury,” said Amodei. “Since 1990, Ex-Im returned $7 billion more than its appropriations. Across Northern Nevada and the nation, Ex-Im supports approximately 164,000 jobs and 90 percent of its transactions are for small businesses. That’s not corporate welfare. That’s a success story. And every day we don’t reauthorize it means Nevada jobs are on the line.”
Ex-Im offers loans and guarantees to foreign purchasers of U.S. manufactured goods who meet strict lending qualifications when private-sector lenders cannot provide financing. Ex-Im, by law, does not compete with commercial lenders. Its mission is to fill gaps in commercial financing. Last year the default rate was less than a quarter of one percent.
More than 60 countries have export-credit agencies (ECAs), similar to Ex-Im, to promote exports of nationally-made goods. The U.S. ranks sixth, behind China, Japan, Canada, South Korea and Germany, in the total support provided by ECAs.
Since 2007, Ex-Im supported sales and jobs at 21 Northern Nevada businesses in Reno, Sparks, Verdi, Carson City, Mound House, Gardnerville and Minden. Industries ranged from administrative, management and support services to manufacturing.
The reauthorization legislation also includes reforms aimed to make Ex-Im more transparent, self-sufficient and solvent. The discharge petition will sit for seven legislative days before it goes to the House floor on the second or fourth Monday of a session month.
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