Miller Announces Subcommittee Hearing To Explore Ex-Im Bank Role In Facilitating Job Growth
Washington,
March 8, 2011 -
International Monetary Policy and Trade Subcommittee Chairman Gary G. Miller announced the Subcommittee will meet for a hearing on the Export-Import (Ex-Im) Bank and its role in promoting job creation by helping American companies compete in the international marketplace. The Subcommittee hearing will take place on Thursday, March 10 at 2 pm in room 2128 Rayburn.
Subcommittee Chairman Miller said, “This hearing will examine how the Ex-Im Bank contributes to the employment of U.S. workers through financing exports of U.S. goods and services. To get our economy on track and create jobs, we must ensure American companies are competitive with foreign companies that have access to export credit. The Ex-Im Bank is an example of how our government can facilitate job growth without contributing to the national debt. The Bank is fully funded by the income it receives through its financing programs. In fact, the Bank annually provides excess receipts to the U.S. Treasury. During the reauthorization process, we will seek ways for the Ex-Im Bank to better serve U.S. companies so that they can prevail against their foreign competitors and as a result create U.S. jobs. We will also closely review the Bank’s safety and soundness practices to ensure the Bank does not put the taxpayer at risk.”
The hearing, entitled “The Role of the Export-Import Bank in U.S. Competitiveness and Job Creation,” is a part of the Subcommittee’s examination of how the Ex-Im Bank can better address the needs of U.S. companies so that they may be globally competitive, thrive and create jobs domestically.
Financial Services Committee Chairman Spencer Bachus said, “This hearing is particularly timely given the export-led growth model our nation is pursuing and because the charter under which Ex-Im operates is set to expire at the end of September. Reauthorizing Ex-Im Bank will be a priority of this Committee as we explore ways to create jobs.”
The Export-Import Bank was established in 1934 to promote and facilitate foreign trade by U.S. exporters. The Bank provides direct loans, loan guarantees, working capital guarantees, and export credit insurance to exporters. To continue its operations, the Bank’s charter must be reauthorized by Congress this year.
The Subcommittee will hear from American companies that currently use the Bank’s financial products to learn how the Bank’s programs have supported their ability to export goods; how the Bank’s support has impacted job growth within their companies; their suggestions about how to optimize the Bank’s ability to serve small and large U.S. companies; and their ability to compete against foreign firms in the competitive export market.
The following witnesses are scheduled to testify:
Karan Bhatia, Vice President and Senior Counsel, General Electric
Scott Scherer, Senior Vice President, Boeing Capital Corporation
David Ickert, Vice President of Finance, Air Tractor, Inc
Mr. Kevin Law, President & CEO, Long Island Association
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