The Tacoma-Pierce Co. Chamber celebrates Tuesday’s passage of reauthorization of the Export-Import Bank. The U.S. Senate’s action, following last week’s approval by the U.S. House of Representatives, forwards the bill to President Obama. Said Tom Pierson, Pres./CEO of the Chamber, "The Ex-Im Bank's reauthorization directly benefits small and larger companies in Pierce County and helps our businesses sustain and increase jobs and exports."
The Chamber participated in efforts by the
U.S. Chamber of Commerce, the National Association of Manufacturers and the Washington
Council on International Trade in a collaborative national effort for Ex-Im
Bank reauthorization, including advocacy during its 27th annual
Washington-to-Washington, D.C. Conference last week.
U.S. Chamber of Commerce President and CEO
Thomas J. Donohue said: “The Senate’s vote today to reauthorize Ex-Im is great
news for thousands of American workers and businesses of all sizes. Taxpayers
can also cheer the fact that this bill will reduce the deficit by hundreds of
millions of dollars.
“When other countries are providing their own exporters with an estimated $1
trillion in export finance—often on terms more generous than Ex-Im can
provide—failure to reauthorize Ex-Im would amount to unilateral trade disarmament
and cost tens of thousands of American jobs.”
National Association of Manufacturers (NAM) President and CEO
Jay Timmons said: "It’s a good day for manufacturers after weeks of uncertainty
regarding the future of Ex-Im Bank. The Senate stood up for jobs by taking
quick action on legislation reauthorizing the Bank and increasing its lending
the importance of trade to Washington state’s economy, local business leaders
applauded Congress for reauthorizing the Export-Import Bank and urged the
president to swiftly enact the legislation.
“Today’s action by the United States Senate – following last week’s
action by the House of Representatives – is the culmination of a year-long
effort to increase export financing opportunities for businesses throughout the
United States, and particularly in Washington State,” said Eric Schinfeld, President
of the Washington Council on International Trade (WCIT).
The Chamber urges President Obama to
swiftly sign this bill into law to guarantee U.S. businesses have a level playing
field in export markets. The Ex-Im Bank’s charter
is set to expire on May 31.