Christopher Shays: “I rise in support of reauthorizing the Export-Import Bank. Exports are an extremely vital part of our nation's economic…”

“I rise in support of reauthorizing the Export-Import Bank. Exports are an extremely vital part of our nation's economic well-being. The Export-Import Bank is a relatively modest investment that promotes U.S. businesses abroad and creates jobs back home. With financing moving across borders faster and faster and more frequently than at any time in history, and with every corner of the world touched by globalization, Ex-Im helps U.S. businesses stay connected to emerging markets they would otherwise have difficulty reaching. For a variety of reasons, from currency devaluation to political instability, U.S. firms find it difficult to secure financing for these markets. Private-sector lenders, perceiving a risk, are oftentimes reluctant to provide long-term financing to emerging markets and to support small business exports. This is unfortunate because nearly 90 percent of the world's population is in these countries, and this is where the greatest increase in economic growth will occur. That's where the Ex-Im Bank steps in. The agency acts as a 'lender of last resort,' allowing U.S. goods to access hard-to-reach markets. It places an emphasis on small business exports, and today's legislation raises the statutory requirement for small business financing from a minimum of 10 percent of Ex-Im's activities to 20 percent.”