Ben Nelson

NELSON PROTECTS NEBRASKA JOBS BY SUPPORTING REAUTHORIZATION OF EXPORT-IMPORT BANK

May 15, 2012 – Today, Nebraska’s Senator Ben Nelson voted for a three-year reauthorization of the Export-Import Bank of the United States, saying that the bank’s work has helped create jobs and expand exports that are a critical part of Nebraska’s economy.

“Tens of thousands of Nebraskans are employed by international exporters. Nebraska depends on world markets, and we have to preserve the tools that our exporters need to remain competitive globally,” Senator Nelson said. “Each year, more Nebraskan businesses find new opportunities in international exports. Reauthorizing the Export-Import Bank will ensure that Nebraska exporters can continue participating in the global market.

The Senate passed the Export-Import Bank Reauthorization Act of 2012 with bipartisan support today - on a vote of 78 to 20. The bill will now go to the President, who is likely to sign it into law.  

The Export-Import Bank is the United States federal government’s official credit lending organization for American companies that export goods internationally. It has operated since 1934, offering credit to American exporters when private lending sources are not available. The Export-Import Bank aims to help small and medium-sized American manufacturers establish footing in growing economies, and equalize the government financing available to exporters based in other countries.   

“The only opposition came from those philosophically opposed to the Export-Import Bank’s work,” said Nelson.  “But American exporters can’t be expected to compete with foreign-based exporters, especially when the competition has unconditional financial backing from their governments. We don’t want to be the only player in the game without a helmet.”      

Last year, the Export-Import Bank supported over $41 billion in export sales – from almost 4,000 American companies employing nearly 300,000 export-related American jobs. Nebraskan exporters sell goods as diverse as metals, plastics, agricultural products, and motor vehicle parts to Canada, Mexico, Australia, and numerous other countries. Over the last five years, Nebraskan exporters made over $300 million in sales supported by the Export-Import Bank. Established Nebraskan exporters, and aspiring Nebraskan exporters rely on the Bank’s funds in order to compete internationally. 

“These days, even small-market local businesses face competition from foreign-produced goods. If our businesses want to hold onto their customers, they’re forced to churn out products that are competitive internationally – even if they’re only selling locally,” said Nelson.

The Export-Import Bank’s charter ends on May 31st, 2012. The Export-Import Bank Reauthorization Act of 2012 enables export financing through 2014, by raising the Export-Import Bank’s lending ceiling from $100 billion to $140 billion.

In 2011, Nebraska exports totaled $7.6 billion.

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