Cuomo proposes NY create own Ex-Im bank

New York might become the first state to create its own Export-Import (Ex-Im) Bank, modeled after the one run by the federal government.

Gov. Andrew Cuomo (D-N.Y.) outlined the proposal to reporters on Tuesday, saying it would help the state’s businesses sell their products in foreign markets and motivate companies abroad to move to New York. 

“This is about job development, and these companies are being sought after by every state,” Cuomo said, according to Bloomberg News. “If we don’t give them an incentive, another state will.”

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State lawmakers would have to approve the bank, Cuomo added.

The Global NY Initiatives would include a $35 million fund that would help small and medium-sized businesses grow their exports overseas and create new jobs in New York.

The state would also partner with the federal Ex-Im Bank to help New York businesses sell their exports abroad. The program would provide short-term loans of up to $500,000, the governor’s office said.

Cuomo’s proposal comes as conservatives push to end the federal Export-Import Bank, which Tea Party groups say provides unfair subsidies to businesses at taxpayers' expense. Supporters, though, say the bank supports U.S. jobs and opens foreign markets for American companies.

Congress recently approved a short-term extension to the federal bank’s charter, which is now set to expire on June 30, 2015. But critics have vowed to push again to end the bank.

Under his plan, Cuomo said New York would become involved in five new trade missions with Mexico, Canada, Israel, Italy and China — countries he said he would travel to in the coming years. 

“These trade missions will be for my job, and they’re essential to doing my job as governor,” Cuomo said.

Cuomo, a prospective 2016 Democratic presidential candidate, traveled to Israel in August and made a surprise trip to Afghanistan in September. He is running for reelection in November and is expected to win a second term as governor.