Dear Members of the Texas Congressional Delegation:
As businesses, customers, exporters, economic-creators and stakeholders in Texas, we are writing today to ask you to actively support a long-term reauthorization of the U.S. Export Import Bank (Ex-Im).
Ex-Im provides vital export financing that is otherwise unavailable to many exporters and users in Texas. At the same time, it incurs no cost to American taxpayers. In fact, Ex-Im Bank will generate an estimated $14 billion dollars profit to U.S. taxpayers over the next 10 years, according to the Congressional Budget Office.
Many businesses – large and small – rely on the Ex-Im Bank. Ex-Im Bank has helped over 1,000 Texas companies finance $19 billion in exports. More than half of these exporters are small businesses. Approximately one-quarter of all Texas manufacturing jobs relies on exports. Texas is the nation’s #1 exporting state and the largest user of Ex-Im Bank. As such, Texas consistently outpaces national export growth with $279.7 billion exports in 2013. We must continue to create jobs and to drive economic growth. And we need Ex-Im Bank to do it.
With the Ex-Im Bank set to expire on June 30, 2015, a multi-year extension is imperative for Texas businesses to remain competitive. Foreign exporters have continuing access to their country’s Export Credit Agencies. Industrialized nations – approximately 65 countries -- have their own version Ex-Im Bank dedicated to promoting their countries’ exports.
The economic prosperity of Texas will be significantly affected if the Ex-Im Bank is not reauthorized.
We are confident that you and your colleagues in the Texas Congressional Delegation understand the importance of the Ex-Im Bank and recognize this opportunity to reform and strengthen this important resource for America’s exporters.
For this reason, we are asking that you support a long term reauthorization of the Export Import Bank.
We are happy to answer any questions you may have. Thank you for your immediate attention to this matter.
Sincerely,
For more information, please contact:
Chris Wallace, President, Texas Association of Business at cwallace@txbiz.org or 512-477-1006
Tony Bennett, President, Texas Association of Manufacturers at tony.bennett@manufacturetexas.org or 512-236-1464