Mike Crapo: “I want to thank my fellow Banking Committee members for working with me to reauthorize and reform the Export-Import Bank…”

“I want to thank my fellow Banking Committee members for working with me to reauthorize and reform the Export-Import Bank that reflects broad bipartisan agreement among our Committee. I am especially appreciative to Chairman Shelby, Ranking Member Sarbanes, Senator Bayh, and their staffs for all their diligence and hard work. The Export-Import Bank is the official export credit agency of the United States and the current authorization ends on September 30. Financing is a key element in global trade competition and extending the Bank's programs for five years is a vital and integral component in supporting the export of American-made goods and American provided services for both small and large companies. At the same time we need to ensure that the Bank's support for transactions not only helps U.S. exports but does not negatively impact domestic companies. The current system still has problems, which has been demonstrated on loan guarantees involving semiconductors, steel, ethanol, and soda ash. This legislation seeks to improve the process by making it more predictable, transparent, and by involving interested stakeholders in the process.”