The passage of H.R. 22, the Fixing America’s Surface Transportation (FAST) Act, revives the U.S. Export-Import Bank and marks a significant victory for the business community.
Ex-Im at Risk
For 80 years, Ex-Im has provided vital financing and insurance services to U.S.-based firms that sell to customers abroad.
When the bank’s authorization was allowed to lapse earlier this year, it became clear how disadvantaged American companies were without its support. According to the U.S. Chamber of Commerce, over the course of five months, numerous U.S. exporters lost sales and workers lost jobs to their overseas competitors because they were unable to obtain the services provided by Ex-Im.
A Top Priority
Supporting American jobs by renewing the Ex-Im Bank’s authority has been a key priority for the Greater Raleigh Chamber. FAST Act reauthorizes the bank’s expired charter until 2019.
The U.S. Senate voted 83 to 16 to approve the legislation on Dec. 3, hours after the bill cleared the House of Representatives by a margin of 359 to 65. President Obama signed the five-year, $305 billion bill into law late the next day.
The new law calls for spending approximately $205 billion on highways and $48 billion on transit projects over the next five years. Stay tuned for an upcoming blog on what that means for the Triangle region.
Learn more about the Export-Import Bank of the United States here.
Ex-Im at Risk
For 80 years, Ex-Im has provided vital financing and insurance services to U.S.-based firms that sell to customers abroad.
- More than 3,000 American small businesses rely on Ex-Im to sell their products overseas and compete in the global marketplace
- In the last six years, EXIM has supported 1.3 million jobs
- Since 2007, the bank supported over $2.9 billion in export sales at 200 companies in North Carolina
When the bank’s authorization was allowed to lapse earlier this year, it became clear how disadvantaged American companies were without its support. According to the U.S. Chamber of Commerce, over the course of five months, numerous U.S. exporters lost sales and workers lost jobs to their overseas competitors because they were unable to obtain the services provided by Ex-Im.
A Top Priority
Supporting American jobs by renewing the Ex-Im Bank’s authority has been a key priority for the Greater Raleigh Chamber. FAST Act reauthorizes the bank’s expired charter until 2019.
The U.S. Senate voted 83 to 16 to approve the legislation on Dec. 3, hours after the bill cleared the House of Representatives by a margin of 359 to 65. President Obama signed the five-year, $305 billion bill into law late the next day.
The new law calls for spending approximately $205 billion on highways and $48 billion on transit projects over the next five years. Stay tuned for an upcoming blog on what that means for the Triangle region.
Learn more about the Export-Import Bank of the United States here.
RSS Feed
