House Inaction on Export-Import Bank Reauthorization Costing Wisconsin Jobs
GE Power & Water announces plans to stop manufacturing gas engines in Wisconsin.
WASHINGTON, D.C. – U.S. Senator Tammy Baldwin today renewed her call for the Republican majority in the House of Representatives to stop stalling reauthorization of U.S Export-Import (Ex-Im) Bank.
Senator Baldwin’s call for action comes as GE Power & Water announced it plans to stop manufacturing gas engines in Wisconsin and blamed the Waukesha closure on the House of Representatives not reauthorizing the Ex-Im Bank.
At the end of July, the U.S. Senate passed reauthorization of the Ex-Im Bank as part of a long-term transportation bill. However, the House of Representatives adjourned for the August recess without passing legislation to reauthorize the Ex-Im Bank and have failed to take action since.
“The failure of the House to act is now costing Wisconsin jobs,” Senator Baldwin said. “When American businesses have a level playing field, they can compete against anyone. The Export-Import Bank is an important tool that helps us create that level playing field, bringing fairness to global trade, and supporting American businesses so they can create jobs and grow. The Republican majority in the House needs to do what the Senate did nearly two months ago and take action on the Export-Import Bank before more Wisconsin jobs are lost to other countries.”
Since 2007, the Ex-Im Bank has supported 27,131 Wisconsin jobs by helping 218 Wisconsin businesses, including 128 small businesses, export $5 billion worth of goods and products made in Wisconsin. In 2014 alone, the Ex-Im Bank supported $210.2 million of Wisconsin exports, 46% of which were from small businesses. In 2014, the Ex-Im Bank supported 3,340 small-business transactions, $27 billion in total U.S. export sales and 164,000 jobs.
The Ex-Im Bank is not only a vital export tool for Wisconsin businesses, it is also an important tool for deficit reduction that returned $675 million to the U.S. Treasury last year.
Senator Baldwin has been a strong supporter of the Ex-Im Bank and led a push for reauthorization this summer by traveling the state highlighting Wisconsin businesses that have benefited from support from the bank.
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