Thompson Supports Measure to Reauthorize Export-Import Bank

Oct 27, 2015

Washington, DC - U.S. Rep. Glenn Thompson (PA-05) today voted in favor of legislation which would reauthorize the United States Export-Import Bank.  The Export-Import Bank Reform and Reauthorization Act of 2015 (H.R. 597) passed the House with a bipartisan vote of 313 to 118 and will be brought before the Senate for consideration.

The Export-Import Bank is the official credit agency of the United States and was first chartered in 1945.  It helps facilitate the sale of U.S. goods overseas.  The Bank has supported 40,000 jobs in Pennsylvania with nearly 300 companies, adding approximately $7 billion to the state’s economy since 2007.

“The Export-Import Bank supports jobs throughout Pennsylvania’s 5th Congressional District, accounting for more than $1.3 billion in exports from across our 15 counties,” Thompson said. “This has the benefit of keeping America competitive overseas while supporting jobs right here at home, at no cost to taxpayers. I’m glad there were commonsense reforms made to the program and I look forward to the Senate’s consideration.”

The measure approved today includes many reforms to the Bank, the first since 1980.  Under the bill, the Bank would increase their amount of lending to small businesses, lowering of its borrowing cap and fraud prevention measures. 

“We want to give companies the tools to succeed in the global economy, but we also want to be good stewards of taxpayer dollars,” Thompson added.  “These reforms ensure that the Bank is not straying from its mission of increasing the competitiveness of businesses across the nation.”