Denver, CO – Colorado U.S. Senator Michael Bennet is urging Congress to reauthorize the Export-Import Bank’s charter as soon as it returns to session in July to ensure that Colorado businesses remain competitive in the global economic environment.
The Bank is an economic engine that has helped American companies finance the export of American-made products to overseas markets for more than 80 years.
“With the charter expiring tomorrow, Colorado businesses don’t have the certainty they need to move forward with operations,” Bennet said. “We’re days away from the agency’s shutdown because of dysfunction in Washington. This is no way to govern. We need a long-term reauthorization of the Export-Import Bank for our state and our country to fiercely compete globally.”
At a time when our economic recovery is producing more and more bright spots, the lights could dim for small Colorado businesses that rely on the Export-Import Bank for support, as the agency’s charter expires on Tuesday, June 30, 2015. Upon expiration, U.S. companies, will lose access to a critical avenue to finance the sale of goods to profitable markets, including emerging markets, where American companies can run into barriers. More than 100 Colorado businesses have used the Bank to facilitate getting their products overseas, generating exports of $815 million since 2007.
In May, Senator Bennet organized a group of businesses that called on Congressional leadership to extend the charter.
Full text of the letter below:
The Honorable Mitch McConnell
Majority Leader
U.S. Senate
Washington, D.C. 20502
The Honorable John Boehner
Speaker
U.S. House of Representatives
Washington, D.C. 20502
The Honorable Harry Reid
Minority Leader
U.S. Senate
Washington, D.C. 20502
The Honorable Nancy Pelosi
Minority Leader
U.S. House of Representatives
Washington, D.C. 20502
Dear Majority Leader McConnell, Minority Leader Reid, Speaker Boehner, and Minority Leader Pelosi:
We write to express our support for a long-term reauthorization of the Export-Import Bank. Without Congressional action, the Ex-Im Bank’s authority will expire on June 30, and U.S. companies will lose access to a key resource for remaining competitive in the global economy.
For over 80 years, the Ex-Im Bank has served as our nation’s official export credit agency, helping thousands of businesses finance the export of U.S. products to markets across the world. For Colorado businesses, the Bank is an important economic driver and resource. Since 2007, more than 100 Colorado businesses, the majority of which are small or minority-owned businesses, have used the Bank to facilitate the export of their products abroad, generating a total export value of $815 million.
The Ex-Im Bank is an independent, self-sustaining federal agency that regularly returns money to the Federal treasury. Since 1992, the Bank has returned $7 billion to the government while enabling businesses to enter new markets and sell “Made in America” products across the world.
Today, the Ex-Im Bank’s customers represent many of Colorado’s key industries, including aerospace, renewable energy, oil and gas, and manufacturing. In fact, sixty percent of all U.S.-built commercial satellites are now supported by Ex-Im Bank financing and the satellite industry is the Bank’s fastest growing financing sector. Supporting Colorado businesses and providing them with opportunities to expand their reach to growing markets abroad will help our state and country compete in the global marketplace.
We understand that long-term reauthorization of the Ex-Im Bank has been delayed because of questions as to the value of our national investment. From a Colorado perspective, the Bank is critical to the competitiveness of our companies in the global market. We urge you to move forward with a reauthorization.
Sincerely,
Michael F. Bennet, U.S. Senator, Colorado
Jeff Wasden, President, Colorado Business Roundtable
Robert McAllister, CEO Droplet Measurement Technologies, Inc.
Andre Nogueira, CEO JBS USA
David Cramer, President Azure Composites, Inc.
Matt Napier, President Lightning Eliminators & Consultants, Inc.
Jim Knutzon, CEO Farm Fresh Direct of America
Paul Harter, President & CEO Aqua-Hot Heating Systems, Inc.
Kristy Schloss, Schloss Environmental Equipment, Inc.
Colorado Competitive Council
Colorado Space Coalition
Colorado Association of Commerce & Industry (CACI)
Boulder Economic Council
Boulder Chamber of Commerce
Colorado Springs Regional Business Alliance
Denver Metro Chamber of Commerce
Metro Denver Economic Development Corporation
Northern Colorado Economic Alliance
Colorado Corn Growers Association
Colorado Association of Wheat Growers
Colorado Livestock Association
Colorado Farm Bureau
Longmont Area Economic Council
Rocky Mountain Farmers Union
Rocky Mountain District Export Council
# # #