In the News

Rep. Grace Meng (D-N.Y.) is introducing legislation that would assist small businesses that sell their products abroad.

 

The measure would instruct the Export-Import Bank to increase the amount of financing it provides to small business from 20 to 25 percent. 

 

“It would help create jobs, stimulate our economy and allow businesses to better compete in foreign markets across the globe,” said Meng, a member of the House Small Business Committee, in a statement Tuesday.

 

Rep. Maxine Waters (D-Calif.), the panel’s ranking member, and Rep. Gwen Moore (D-Wis.) are co-sponsoring the bill.

The Export-Import Bank has been around since 1934 and provides loans from the U.S. government to companies that sell their products globally. The bank’s charter, however, expires at the end of June and Republicans are divided over whether to extend it.

 

Speaker John Boehner (R-Ohio) recently said that its expiration could cost thousands of jobs, but Rep. Jeb Hensarling (R-Texas), who has jurisdiction over it as chairman of the House Financial Services Committee, staunchly opposes it.