SCHENECTADY, N.Y. – Senator Charles Schumer is pushing to preserve the Export-Import Bank, stating that it is a driver of economic growth and jobs.
According to the Senator, the bank supports thousands of jobs and over $1 billion in exports from the Capital Region.
Senator Schumer says the Export-Import bank provides financing to foreign companies to encourage them to purchase U.S. goods like products from GE.
The Export-Import Bank is set to expire in two months. According to the Senator, if Congress does not act, the dozens of companies in the Capital Region who rely on the bank to export their products will run into disaster.
"The Export-Import Bank is crucial to us continuing to grow good paying manufacturing jobs, here in upstate New York,” he said. “Now all of a sudden some people want to cut it, it's not that they want to do it for deficient purposes because the Export-Import bank doesn't even give money to these companies.”
On Monday, Senator Schumer was joined by the CEO of GE in Schenectady to push Congress to vote to reauthorize the Export-Import bank before it expires at the end of September.
“It creates good paying jobs at virtually no cost,” Schumer said. “There’s a loan guarantee, and they’re almost always paid back.”
Schumer said Ex-Im Bank has been around for 80 years, and Congress has voted to extend it many times. But the senator is worried it won’t happen this time.
David Gibson was a former small business owner who said he was helped by the Ex-Im Bank.
“For a small company that is doing a fair amount of export, it could potentially double the amount of working capital and financing that’s available,” he said. “Without that kind of financing, you have to turn down foreign orders.”
Congress has until the end of September to act, but the summer recess cuts into that time.
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