(Washington, D.C.) Representative Charlie Dent (PA-15) joined an effort to reauthorize the Export – Import Bank through September 30, 2019. The measure passed with strong bipartisan support (313 to 118). Representative Dent, one of the signers of the discharge petition that allowed this legislation to receive a vote on the House floor, released the following statement:
“Advancing the reauthorization of the Ex-Im Bank through the House is good news for the 15th Congressional District, the Commonwealth of Pennsylvania and the country.
The American-based Pennsylvania companies supported by Ex-Im account for nearly 40,000 jobs – many of them in manufacturing. In the 15th District, the Bank's activities have supported 4,000 jobs and over $600 million in export sales.
From major energy components to locomotives and cement equipment to computer and electronic products, the Ex-Im Bank has benefited manufacturers and companies across the gamut of commerce in my District and the entire Commonwealth of Pennsylvania. The current lapse in the Bank’s authority has already had a direct impact on the ability of American job-creators to compete and retain our domestic manufacturing base, and I was not willing to risk putting those jobs and the companies that provide them in further jeopardy.
The legislation advanced in the House includes significant reforms to the Bank moving forward. For example, it puts an even greater focus on supporting the needs of small businesses. Small business lending will now account for at least 25% of all the Bank’s lending – up from 20%.
Importantly, the bill also contains measures to further protect taxpayers from any potential losses by lowering the Bank’s borrowing cap, requiring higher loan loss reserves, and establishing a Risk Management Committee to assess the Bank’s risk exposure. These are just a few of the adjustments and improvements to the Bank that will help to ensure it continues to support domestic jobs and save U.S. taxpayer dollars.
I'm proud to be part of this effort to benefit the people of Pennsylvania and the American economy. I'm also glad to join with colleagues from both sides of the aisle in the House who believe it's time to bring rationality back to the actions of Congress."
CONTACT: Shawn Millan (610) 770-3490