CalChamber Urges Reauthorization of Successful Export-Import Bank

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InternationalThe California Chamber of Commerce this week asked the state’s representatives in Congress to support reauthorizing the U.S. Export-Import Bank, which expired on June 30.

Ex-Im has a proven record of success, and turns a profit for the American taxpayer. Since 1990, Ex-Im has refunded $7 billion to the U.S. Treasury above all costs and loss reserves, including $674.7 billion in the 2014 fiscal year alone.

Economic Impact

The potential impact of a lack of financing for exports for both small and large businesses will damage the economic recovery of both California and the United States. Over the last five years, Ex-Im assisted 800 businesses from California, the vast majority of which were small businesses.

In fact, small businesses account for approximately 89% of Ex-Im’s transactions. These small business transaction figures are in addition to the tens of thousands of small and medium-sized businesses that supply goods and services to large exporters. In the 2014 fiscal year, Ex-Im provided more than $5 billion in financing and insurance for U.S. small businesses.

California is one of the top 10 economies in the world with a gross state product exceeding $2 trillion; the state exports to more than 225 foreign markets. Trade offers the opportunity to expand the role of California’s exports.

Failure to reauthorize the Ex-Im Bank would put at risk the more than 150,000 U.S. jobs at 3,000 companies that depend on Ex-Im to compete in global markets.

Action Needed

The CalChamber is strongly urging the California congressional delegation to consider legislation to reauthorize the Export-Import Bank of the United States as expeditiously as possible.

The CalChamber also is asking that businesses send a letter to their congressional representatives via our grassroots system at www.calchambervotes.com.

Staff Contact: Susanne T. Stirling

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Susanne T. Stirling
About Susanne T. Stirling
Susanne T. Stirling, vice president, international affairs, has headed the CalChamber’s International Trade Department since 1982. She serves on the District Export Council (appointed by the U.S. Secretary of Commerce), the National Export Council Steering Committee, the U.S. Chamber of Commerce International Committee, and the Chile-California Council. She studied at the University of Copenhagen and holds a B.A. in international relations from the University of the Pacific. She earned an M.A. from the School of International Relations at the University of Southern California.