Lipinski Helps House Pass Legislation to Create Jobs and Keep American Businesses Competitive Globally

WASHINGTON – Rep. Dan Lipinski (IL-3) praised the House’s reauthorization of the Export-Import Bank of the United States, which provides funding to small businesses that can’t get access to private loans. This legislation reauthorizing Export-Import Bank, the United States Export Finance Agency Act (H.R. 4863), passed the House with overwhelming bipartisan support this week.

“The Export-Import Bank provides tremendous assistance for U.S. small businesses and the legislation we passed this week will ensure that the bank continues serving American job creators for the foreseeable future,” Rep. Lipinski said. “Illinois’ Third District is fortunate to have several small businesses that are supported by Export-Import Bank financing. I’m hopeful the Senate will follow suit and expedite passing this critical legislation.”

The Export-Import Bank counters aggressive foreign export credit agencies that finance exports from the global competitors of American businesses. In FY 2018, 90.5% of the Export-Import Bank’s authorizations directly supported small businesses. Over the past decade, the agency has financed over $255.2 billion in U.S. exports, generated over $3.4 billion in deficit reduction, and supported 1.6 million U.S. jobs across the country without any cost to American taxpayers.

The United States Export Finance Agency Act has received the support of the U.S. Chamber of Commerce, the International Association of Machinists and Aerospace Workers, and the National Association of Manufacturers.

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