Peters Expresses Disappointment as Export-Import Bank Charter Expires

Ex-Im Critical Resource for Michigan Small Businesses

WASHINGTON, DC – U.S. Senator Gary Peters (MI), a member of the Senate Small Business and Entrepreneurship Committee, released the following statement on the expiration of the Export-Import Bank’s charter at midnight tonight due to Congressional inaction:

“The Export-Import Bank is a vital tool for economic growth, helping businesses in Michigan and across the country competitively export their goods to foreign markets around the world. It helps level the playing field for American companies in a tough global market without costing taxpayers a dime. At a time when countries like China, Japan, South Korea, Canada and Germany continue to use their own export credit agencies to actively boost exports, Congress should be working to open doors for small businesses, not limit their ability to expand into new markets.

“I am extremely disappointed that a small minority in Congress decided to block renewal of the Export-Import Bank for ideological reasons, putting billions of dollars of U.S. exports at risk. The Export-Import Bank has broad bipartisan support, and I call on Congress to take immediate action to renew its charter. I will continue working with my colleagues to ensure this critical resource can continue to help American businesses sell their goods, grow their companies and create new jobs to help strengthen our economy.”

Last year alone, the Export-Import Bank supported more than 164,000 jobs and backed $27.4 billion in U.S. exports for businesses across the country, including $10 billion in exports by small businesses, which make up nearly 90% of Ex-Im's transactions. Since 2007, the Export-Import Bank has supported 228 Michigan exporters selling $11 billion worth of goods to places like Saudi Arabia, Mexico and Canada. The majority of Michigan exporters using the Export-Import Bank are manufacturers of motor vehicles and parts, chemicals and machinery, all of which play a vital role in Michigan’s economy. Additionally, in 2014, Ex-Im Bank generated a $675 million surplus for taxpayers, reducing the federal budget deficit.

###