Washington, DC – This afternoon, U.S. Rep. Cheri Bustos cast her vote to pass a bipartisan reauthorization of the Export-Import Bank that expired on July 1st. Earlier this month, she signed a bipartisan discharge petition, the first one to be successful since 2002, to circumvent the Speaker and force today’s reauthorization vote. The bill was passed by a bipartisan coalition of Democrats and moderate Republicans.
“For months, I’ve been calling on Congress to reauthorize the job-creating Export-Import Bank because it has supported hundreds of jobs in our community,” said U.S. Rep. Cheri Bustos. “Today I was pleased to help cut through the red tape that is holding back too many of our local manufacturers so they can continue growing our local economy and creating jobs in Illinois. I’m proud to have been a part of the bipartisan coalition that came together to fight for working families today.”
From 2010-2014, the Export-Import Bank provided $77 million worth of insurance, guaranteed credit or distributed loans on exports from Illinois’ 17th Congressional District, enabling the export of $92 million in goods, all at no cost to taxpayers. This supported hundreds of jobs across the region, from large manufacturers like John Deere in Moline to small ones like Dixon Automatic Tool, Inc. in Rockford.
For 80 years, the Export-Import Bank has created and maintained U.S. jobs by filling gaps in private export financing at no cost to American taxpayers and actually returns money to the Treasury for deficit reduction every year. In FY 2014 alone, Ex-Im supported more than 164,000 private-sector jobs and $27.4 billion worth of U.S. exports, generating a $675 million surplus.