In the News

 

 

By Congresswoman Gwen Moore

 

 

The American middle class is not feeling the economic recovery. Income inequality between the lowest and highest earners continues to increase. Millions of struggling Americans remain unemployed. Congress needs to act to promote economic growth. Instead, House Republicans seem focused on callously worsening the lives of Americans if it means appealing to their radical base.

 

The nation's official export credit agency, the Export-Import Bank of the United States (Ex-Im Bank), supports businesses, drives billions of dollars in economic activity and serves as a demonstrated jobs engine. There has been a great deal of discussion recently about the relevancy of the Ex-Im Bank, particularly from its critics. Opposition to reauthorizing the Ex-Im Bank is an outgrowth of the extremist drift and "austerity agenda" of the GOP that already has dampened economic growth and now threatens to strike another blow to our economy.

 

Unfortunately, my colleague Rep. Paul Ryan (R-Wis.) opposes the reauthorization. The fact remains that a lot of good jobs in Wisconsin depend on the $96 billion of economic activity that the Ex-Im Bank created in 2012, especially in the manufacturing sector. The glow of the national spotlight seems to have blinded some to the reality that failure to reauthorize the Ex-Im Bank will hurt Wisconsin.

 

The Ex-Im Bank bridges a gap in the market to help small businesses invest, grow and remain competitive in the global marketplace by leveling the playing field for U.S. businesses. In 2012, the bank supported the export of $662 million of goods and services from Wisconsin, of which $105 million was from my district and over $139 million was from Ryan's 1st Congressional District, including over $54 million from his hometown of Janesville. The Ex-Im Bank does this without relying on taxpayer support. In fact, since 1990, the Ex-Im Bank has paid almost $5 billion back to the Treasury.

 

It is not controversial to say that increasing U.S. exports will grow the U.S. economy, particularly at a time when the U.S. faces a daunting, persistent trade gap. In Wisconsin, Republican Gov. Scott Walker has been promoting an initiative to aid state exports to China through the Wisconsin Economic Development Corp. The governor even led a trade mission to China in 2013. Reauthorizing the Ex-Im Bank would support and strengthen the governor's efforts to promote Wisconsin exports.

 

Reauthorization is supported by businesses and unions and traditionally has had bipartisan support in Congress. Although Ryan opposes the bank, he signed onto a letter with Rep. Jim Sensenbrenner (R-Wis.) urging Ex-Im Bank financing for a project because "all steps should be taken to reinvigorate the economy and bring jobs to the United States." Given all the facts and the continued need to support economic growth, I cannot think of a reasonable stance for not supporting the ongoing operations of the Ex-Im Bank.

 

As a member of the House Financial Services Committee, which has jurisdiction over the Ex-Im Bank, I will continue to urge my Republican colleagues to support the bank. In my reauthorization pursuit, I have written letters urging Chairman Jeb Hensarling (R-Texas) to hold reauthorization hearings and participate in panels to hear how the Ex-Im Bank has helped small businesses grow through exporting.

 

There is no doubt that our economy is improving, yet Wisconsin continues to fall behind other states in job creation. We must act with a sense of urgency to improve our economic situation. Now is the time for the Wisconsin delegation to aggressively support investment and economic growth. Let us put our talking points aside and work together to improve the lives of those we serve.