"This Ex-Im bank is very, very important for North Country companies," Schumer (D-
"It's probably more than 500 jobs in the
SET UP BY ROOSEVELT
It has existed largely without fanfare since its inception and has received bipartisan support the dozen times it was re-authorized over the years.
But in recent months, it has become a political football, with a faction of the
Opponents argue that the bank is competing with private commercial banks in
Schumer said the bank helps put American businesses on a level playing field because U.S. importers are often met by competition from foreign companies overseas that have an advantage because they are backed or wholly owned by their governments.
Through direct loans, loan guarantees and insurance programs, the
About 270 businesses in
The bank has supported about
Nationwide, it supported about
He said the bank directly helps small companies stay in business and that if it is dissolved, it would be a huge blow to many companies.
"It's one of the key tools that we have in our toolbox to support manufacturing jobs," Schumer said.
"As we've learned over the years, manufacturing jobs are a bellwether of the middle class."
He handed Schumer a white pen with shiny crystals embedded in the top.
"You can give this to the president to sign the bill to keep the bank," Pelletier said.
"About 30 percent of our business is exports," she said.
Schumer said it would make no sense to dissolve the bank because other countries have a similar system where they finance companies doing business in their homelands.
"We would be fighting with one hand tied behind our backs if we did this," he said.
Schumer said renewal of the bank was always a "slam dunk" that both Democrats and Republicans supported.
"I'm hopeful that it won't succeed, and I am hopeful that the gridlock is short-lived."
(c)2014 the Press-Republican (Plattsburgh, N.Y.)
Visit the Press-Republican (Plattsburgh, N.Y.) at pressrepublican.com
Distributed by MCT Information Services