U.S. Senator Tammy Baldwin Strongly Supports Reauthorization of Export-Import Bank
After Republican Opposition and Wisconsin Job Loss, Senate Passes Legislation
WASHINGTON, D.C. – U.S. Senator Tammy Baldwin has released a statement after the U.S. Senate voted to reauthorize the Export-Import Bank through 2019.
Due to opposition and inaction by the Republican majority in Congress, the Export-Import Bank was allowed to expire on June 30, 2015.
This year, Senator Baldwin toured the state of Wisconsin, calling for a long-term reauthorization of the Export-Import Bank, despite opposition from Wisconsin Republicans such as Speaker Paul Ryan and Governor Scott Walker.
The Export-Import Bank is not only a vital export tool for small businesses, but an important tool for deficit reduction that returned $675 million to the U.S. Treasury last year. Since 2007, the Export-Import 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 Export-Import Bank supported $210.2 million of Wisconsin exports, 46% of which were from small businesses. In 2014, the Export-Import Bank supported 3,340 small-business transactions, $27 billion in total U.S. export sales and 164,000 jobs.
In June, Senator Baldwin visited Wisconsin companies Appvion, Inc. in Appleton, Fristam Pumps USA in Middleton and Prolitec, Inc. in Milwaukee during her fight for reauthorization of the Export-Import Bank.
In September, Wisconsin's manufacturing economy lost 2,700 jobs. In addition, GE Power & Water announced plans to stop manufacturing gas engines in Wisconsin, blaming the Waukesha closure on Congress' failure to reauthorize the Export-Import Bank.
Statement from Senator Baldwin:
“The Export-Import Bank is an important tool that helps us create a level playing field, bringing fairness to global trade, and giving Wisconsin and American manufacturers the resources they need to fight and win against their global competition.
“While I applaud the action taken to finally reauthorize this critical resource, I'm disappointed that Republican leadership failed to lead on this tool for economic growth. The uncertainty created by the Republican majority's opposition and obstruction of the Export-Import Bank had real impacts on Wisconsin workers and families. This was a stark reminder that when Congress fails to do its job, hard-working people can lose their job as result.”
“In Wisconsin, our economy is lagging behind and isn’t growing as strong as we need to raise incomes. In fact household incomes are falling in Wisconsin and we can't afford to have partisan, political games standing in the way of economic growth. The manufacturing sector that has sustained Wisconsin’s economy for generations must move forward at a stronger pace if middle class families are to get ahead. Reauthorizing the Export-Import Bank is just one of the many things both parties should support to help Wisconsin businesses move our economy forward and create shared prosperity for workers."
Reauthorization of the Export-Import Bank was included as part of the bipartisan transportation funding bill, which cleared the Senate and now heads to the President’s desk for his signature.
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