News Column

Owens Calls on Local Business Leaders to Speak Out for Export-Import Bank

July 7, 2014



WASHINGTON, July 7 -- Rep. Bill Owens, D-N.Y. (21st CD), issued the following news release:

Congressman Owens reached out to local economic development and business leaders today to encourage their vocal support of the U.S. Export-Import (Ex-Im) Bank. His note included a link to his article published in April supporting the Bank. Owens also wrote a letter, published in the Watertown Daily Times, outlining the benefits of the Ex-Im Bank and encouraging local businesses to learn about its services and how they can help small businesses increase exports. Recently, Rep. Owens called on the incoming House Majority Leader to support reauthorization of the Ex-Im Bank.

The full text of today's letter is included here:

Good morning,

I hope that you enjoyed a restful Fourth of July weekend.

As you may have seen, there has been a lot of recent Congressional debate about the re-authorization of the U.S. Export-Import Bank, which is set to expire on September 30, 2014. The Ex-Im Bank has provided loan guarantees to support over $30 million in exports from northern New York over the past seven years, allowing local manufacturers to compete internationally, on a level playing field, against subsidized foreign firms. The Ex-Im Bank is an important tool in increasing export volumes for American companies, which create and protect manufacturing jobs here at home. The fees charged for these job-creating financing services fully fund the Ex-Im Bank's operations and have returned billions of dollars to the U.S. Treasury to pay down our national debt.

In case you missed some of this recent coverage, I wanted to pass along a recent article summarizing this debate, a press release from the U.S. Chamber of Commerce and National Association of Manufacturers, and an article that I wrote earlier this year explaining the merits of the Ex-Im Bank as a tool for local economic development:

WSJ: "Political Battle over Export Bank Heats Up"

U.S. Chamber and NAM Rally Hundreds for Export-Import Bank

"Ex-Im Bank Offers International Trade Support," Rep. Bill Owens

As influential economic developers, chambers of commerce executives, and other business community leaders, I would like to encourage you to let your voice be heard in this important debate by contacting local media outlets as well as your regional and national trade associations.

Please feel free to contact my office in Washington D.C. (202-225-4611) if you have any questions or would like to discuss this issue further.

Sincerely,

Congressman Bill Owens

More facts about the Export-Import Bank:

* Since 2013 the Bank has supported more than $69 billion in U.S. exports and more than 200,000 jobs.

* Small companies receive significant support from the Ex-Im Bank: more than 77% of the 2,776 exporters that worked with the Ex-Im Bank last year were small businesses.

* In FY 2013, the Ex-Im Bank returned more than $1 billion to the U.S. Treasury.

* Businesses in Plattsburgh, Watertown, Potsdam and Gloversville have benefitted from Ex-Im Bank services.

* Since 2007, the Export-Import Bank has supported $31 million in exports and $27 million in disbursements in New York's21st Congressional District alone.

* The Ex-Im Bank has significant support in the U.S. business community. It is actively supported by the U.S. Chamber of Commerce, the National Association of Manufacturers and independent companies of all sizes.

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