Bank That Supports Colorado Business Efforts to Export Products Was in Danger of Shutting Down In Weeks Without Congressional Action
Ex-Im Bank Backed Approximately $72 Million in Support to Colorado Businesses in 2011-2012
Colorado U.S. Senator Michael Bennet today joined his Senate colleagues in voting to pass the bipartisan Export-Import Bank Reauthorization Act. The Act, which passed with broad bipartisan support on a 78-20 vote, extends the bank’s lending authority for approximately two years and expands its lending and guarantee authority by $40 billion, so it can provide loans, guarantees, and credit insurance to more American companies that want to reach markets abroad.
“Over the last several weeks, I’ve had the opportunity to visit innovative Colorado businesses that rely on financing options from the Export – Import bank to help them compete in the international market place,” Bennet said. “These companies create manufacturing jobs right here in the United States, with ‘Made in America’ stamped right on their products. As we emerge from the worst recession since the great depression, we should look for more ways to support these businesses. Reauthorizing the Ex-Im Bank is a common-sense, fiscally responsible way to help a dependable lending resource help American companies compete in the global economy and keep jobs in the United States.”
The Ex-Im Bank backed approximately $72 million in support to Colorado Businesses from 2011 through the end of April.
The Export-Import Bank Reauthorization Act passed in the U.S. House earlier this month and now goes to the President’s desk for his signature. It is supported by the U.S. Chamber of Commerce, the Business Roundtable, the National Association of Manufacturers, the Machinists Union and the United Steelworkers.
Last month, Bennet called for reauthorization of the Ex-Im Bank at Denver-based Coolerado, a manufacturer of energy-efficient air conditioners.
Last week, Bennet took to the floor of the Senate in support of the bank. Click here for the video.