Issues and events that shape Long Island's economic and legislative landscape.

Wednesday, September 28, 2016

Export-Import Bank Letter

Dear Senators Reid and McConnell and Representatives Boehner and Pelosi:

The Long Island Association (‘LIA''), which is the leading business organization of the region, supports the reauthorization of the Export-Import (‘Ex-Im'') Bank of the United States. The Ex-Im Bank is set to expire on September 30 and therefore a bipartisan agreement is necessary to ensure its continued existence and to provide certainty and predictability to U.S. exporters and their workers as they seek to expand exports and employment throughout the country.

The Ex-Im Bank is a self-sustaining entity that assists in financing the export of U.S. goods and services to international markets. It helps American companies create and support jobs at home at no cost to taxpayers. The bank also returned $1 billion to the Treasury in the last budget year. In its 2013 annual report, it said it had approved an all-time high of 3,842 authorizations for the 12-month period, with an estimated export value of $37.4 billion. Moreover, this support is estimated to have sustained an estimated 205,000 export-related U.S. jobs. Yet without legislation, the bank would no longer be able to back new loans. 

In New York alone, Ex-Im Bank has supported $7 billion in exports and 272 total exporters; 164 of which are small businesses. On Long Island, the Bank has been responsible for $1.675 billion in exports of 50 companies; 39 of which are small businesses. We were fortunate to host the bank''s Chairman and President, Fred Hochberg, for an event on Long Island last year at which he spoke to our business community about these wonderful opportunities.

Given our nation's fragile economic recovery, our county should utilize this vital source of financing, continue to promote U.S. exports, create American jobs and not disadvantage U.S. manufacturers in the competitive global marketplace. The Ex-Im Bank not only generates exports and jobs, but much needed revenue for the federal government. Having traditionally enjoyed bipartisan support, we urge you to once again reauthorize the bank. Thank you for your consideration.

Respectfully submitted,

Kevin S. Law
President and CEO
Long Island Association


Senator Charles Schumer
 Senator Kirsten Gillibrand
 Congressman Peter King
Congressman Steve Israel
Congresswoman Carolyn McCarthy
Congressman Tim Bishop
Fred Hochberg, Chairman and President of the Export-Import Bank

Click here to view the letter