News Column

Gallego Helps Lead Efforts to Reauthorize U.S. Export-Import Bank

June 26, 2014

WASHINGTON, June 26 -- Rep. Pete Gallego, D-Texas (23rd CD), issued the following news release:

U.S. Representative Pete P. Gallego (D-Alpine) co-sponsored the Protect American Jobs and Exports Act of 2014 this week. The bill has wide support from Republicans and Democrats. The bill would renew the U.S. Export-Import Bank which helps lend money to businesses and create jobs in the U.S.

"Businesses and private entities help create jobs in 23rd District of Texas and throughout the state through U.S. Export-Import Bank loans," U.S. Rep. Gallego said. "Our local chambers of commerce have recognized the benefits and have advocated on behalf of the U.S. Export-Import Bank. Investing in our region, through the creation of jobs and sustaining and boosting our local exports globally, is critical to our local economy. I support this legislation because it's common sense, and our community wants it.

"It's unfortunate that those in the House Leadership, whose districts may have directly benefited from the U.S. Export-Import Bank, don't see the need for this investment," he said. "The renewal of U.S. Export-Import Bank helps our country be innovative and supportive of exports through the global market."

The Export-Import Bank of the United States is the official export credit agency of the U.S. The Bank helps to fill the gaps in private financing, helping to invest in international transactions that the private sector cannot or will not. Nearly 90 percent of the Bank's transactions in the last year alone benefitted American small businesses, and the Bank supported 205,000 jobs nationwide.

Boeing (San Antonio, Texas)

* Boeing manufactures industry-leading products for aircrafts, rockets and satellites. It is a large aerospace and defense developer.

Ferra Coffee International (San Antonio, Texas)

* Women and minority owned small business

* Company started three years ago; with help of Ex-Im Bank is expanding into emerging markets

* Sells to Mexico, Guatemala, El Salvador

Air Tractor Inc. (Olney, Texas)

* Aircraft manufacturer -- agriculture planes and forest-fighting planes

* With help of Ex-Im, has exported approximately $40 million worth of aircraft primarily in Argentina and Brazil

* 50 jobs supported

AR Chem Tex Industries (Edinburg, Texas)

* Ex-Im backed a loan to help the company increase sales to Mexico and Venezuela while expanding to new markets such as Argentina and Colombia

* Chemical treatment products and equipment for gas wells

Fritz-Pak Corporation (Mesquite, Texas)

* Manufactures and sells concrete admixtures

* Minority-owned small business

* Ex-Im support helped the company sell its products in India, Russia, China, Taiwan, and South Africa

* Exports account for 40% of Fritz-Pak's sales

Thrustmaster of Texas, Inc. (Houston, Texas)

* Manufactures marine thrusters * As a result of Ex-Im working capital loan guarantee, hired 20 new workers * Firm exports to Korea, Singapore, Brazil, India, China, and the UAE * Exports account for 80% of its sales

Quantum Reservoir Impacts (Houston, Texas)

* Ex-Im bank helps support 100 jobs at Quantum, which exports reservoir management equipment and services

* With Ex-Im help, company now does business in Mexico and Kuwait and is planning on expanding operations further

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Source: Targeted News Service

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