The Business Council of Alabama today joined 650 other organizations and businesses from 41 states in Washington, D.C., to urge lawmakers to reauthorize the Export-Import Bank of the United States, a crucial component of job retention in Alabama and across the nation.
The bank, whose current charter would end June 30 without reauthorization, enables thousands of businesses in the U.S. to compete overseas against other nations with government-backed export-import banking.
A big difference is the U.S. bank actually makes money for the U.S. Treasury while providing needed financing often of the last resort for foreign transactions. “What’s more conservative than earning $1 billion in profit and paying down the deficit?” said U.S. Sen. Joe Donnelly, D-Ind.
The Ex-Im Bank has returned about $7 billion to taxpayers in the last 20 years. Every state benefits from the bank, including Alabama.
The BCA is part of a nationwide coalition of organizations and businesses that are for the Export-Import Bank.
“Reauthorization of the Export-Import Bank is a crucial ingredient in the toolbox of dozens of Alabama businesses who employ at least 5,000 men and women in the business of exporting and importing,” said William J. Canary, President and CEO of the Business Council of Alabama.
BCA Vice President Communications, Strategic Information and Federal Affairs Nancy Hewston and Chamber of Commerce Association of Alabama President and CEO Jeremy Arthur were in Washington to promote reauthorization of the bank.
The coalition spans 41 states that will participate in nearly 400 Hill meetings — including some with House and Senate leadership, according to organizers.
Officials at the U.S. Chamber of Commerce and the National Association of Manufacturers, the BCA’s partners, helped organize the meetings.
Tweet your support of Ex-Im reauthorization followed by #eximforjobs.
Sample Tweets: “It’s simple: Ex-Im supports U.S. companies, jobs, and taxpayers. Reauthorize it now! #exim4jobs”
“President Reagan’s chief jobs expert to Congress: Reauthorize Ex-Im! #exim4jobs”
“This video shows how the Ex-Im Bank supports US companies and US jobs. http://goo.gl/4txz52 #exim4jobs”
Legislation has been introduced that would extend the bank’s charter for five years with significant reforms to how its financial disclosures. Democrats are working on a separate reauthorization bill that they will introduce this week.