Dem rep calls on Congress to extend Ex-Im Bank

Rep. Judy Chu (D-Calif.) said reauthorizing the Export-Import Bank is critical to helping U.S. small businesses grow.

“Foreign markets can serve as an important tool to boost sales for small businesses, especially as our economy is recovering,” Chu said on Monday. “But businesses cannot just open new markets overnight.”

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Congress must reauthorize the Export-Import Bank by Sept. 30 or else it will be shut down.

“Support from the Export-Import Bank can help California’s business owners acquire the tools and resources they need to understand challenges like export regulations and tap into new markets,” Chu said. “Tapping into these markets and shipping American-made products overseas create more jobs, especially good manufacturing jobs, here at home.”

Republicans are divided over whether Ex-Im, which provides financing for projects designed to increase U.S. exports, should be renewed. Some conservatives argue the bank is a form of corporate welfare, but Democrats said the program is needed to keep the United States economically competitive with countries that heavily subsidize industries.

When lawmakers return from the August recess, the Senate is expected to vote on a five-year extension, but the House hasn’t made plans to act.