Congresswoman Kelly Votes to Reopen Job-Creating Export-Import Bank
U.S. Congresswoman Robin Kelly voted late yesterday in the House of Representatives to pass a bipartisan bill to reauthorize the job-creating Export-Import Bank.
The Export-Import Bank helps level the playing field for American manufacturers and small businesses hoping to compete and sell their goods in foreign markets and succeed in the global economy. At absolutely no cost to taxpayers, the Bank has supported 1.3 million American jobs since 2009, and nearly 90 percent of its transactions directly support small businesses.
“I was proud to stand with my fellow House Members – both Republicans and Democrats – to renew the Export-Import Bank’s charter, allowing our nation’s small businesses to get back to work, sell their goods abroad, and play their vital role in our economic growth,” Kelly said. “I’m very pleased we were able to put partisan politics aside and continue work together to grow the economy and create jobs here at home.”
Last year in Illinois, the Export-Import Bank supported $171 million in business transactions – $2.86 million of which were in the 2nd District alone. These transactions supported over 8,000 jobs across Illinois. The Export-Import Bank does not cost the American taxpayer anything; it is wholly funded through fees and interest charges paid by its customers. Last year, the Bank was so successful – with a default rate of less than two-tenths of one percent – that it returned $675 million back to the Treasury, helping to pay down the national debt and reduce the deficit.
The House reauthorization bill now goes to the Senate for a vote.