AUSTIN, TX – The Texas Association of Manufacturers and the Texas Association of Business today applauded Governor Rick Perry for urging Congress to reauthorize Ex-Im Bank, a vital tool to promote exports of American-made products.
In a letter to Congressional leaders, Governor Perry encouraged Congress to improve Ex-Im Bank by enhancing transparency and warned that failure to reauthorize the Bank would put “American companies at a disadvantage in their ability to compete in the global marketplace, will cost jobs, and will drive up prices for American made goods.” His letter continued, “At a time when the U.S. economy continues to face challenges, it is especially important to maintain the role the Ex-Im Bank plays in supporting U.S. jobs in businesses of all sizes and in all industry sectors.”
“Governor Perry is right to point out that the majority of employers that benefit from the Ex-Im Bank are small and medium-sized businesses,” said Tony Bennett, president of the Texas Association of Manufacturers. “Those calling for the elimination of Ex-Im Bank are misguided in their focus on large corporations in this debate.”
Last year, the Bank set a new record in its support for small business, approving more than 3,400 small business transactions (nearly 90 percent of the Bank’s total transactions). Since the nation’s financial crisis, Ex-Im Bank has helped over 1,000 Texas companies finance $19 billion in exports. More than half of these exporters were small businesses. Nationwide, Ex-Im Bank supported $37.4 billion in U.S. exports and 205,000 jobs in 2013. Bennett noted that Texas is the nation’s #1 exporter of manufactured goods.
“Texas employers appreciate Governor Perry’s leadership in recognizing Ex-Im Bank as one of our nation’s most powerful tools to encourage domestic exports -- without costing taxpayers a dime,” said Bill Hammond, CEO of the Texas Association of Business. “We hope other governors follow Governor Perry’s lead to urge Congress to reauthorize Ex-Im Bank.”