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Pascrell, Bergen County Business Owners Fight for Reauthorization of Export-Import Bank
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Pascrell, Bergen County Business Owners Fight for Reauthorization of Export-Import Bank

In Support of Immediate Continuance

Please visit the Exim.gov website for more information.

LYNDHURST, NJ—With the looming deadline for the expiration of the Export-Import Bank of the United States’s charter rapidly approaching, U.S. Rep. Bill Pascrell Jr. (D-NJ-09) was joined today by New Jersey Chamber of Commerce President Thomas Bracken, Meadowlands Regional Chamber of Commerce President Jim Kirkos, and local Bergen County business owners, at Argo Turboserve Corporation headquarters in Lyndhurst, New Jersey, to outline legislation that will reauthorize Ex-Im’s charter, which is set to expire June 30.

“With all we know about how important the Export-Import Bank is to creating jobs and boosting American manufacturing at local businesses like ATC, it’s simply inexplicable that my friends on the other side of the aisle are willing to let it expire,” stated Pascrell. “Reckless behavior like that not only risks our economic recovery, but it will put more than 164,000 jobs at risk, and amounts to a unilateral disarmament in the international economic arena. There’s still time to do the right thing before June 30 and I hope we can all come to our senses and join together in putting the American people first.”

If Congress takes no action and the charter expires, no new commitments could be approved, putting 164,000 jobs at risk. ATC and Educational Technology Consultants International, a small female-owned distributor of educational equipment and software based in Tenafly, New Jersey, both receive assistance in expanding their market presence across the globe from Export-Import, which provides U.S. businesses with the financing they need to sell their goods all over the world and create jobs here at home.

“By making loans to American exporters, the Export-Import Bank is helping to provide a level playing field for American manufacturing and spurring job creation, without adding to the deficit,” stated Thomas A. Bracken, president & CEO of the New Jersey Chamber of Commerce. “Reauthorizing the Export-Import Bank is critical in helping more than 200 New Jersey businesses like Argo Turboserve sell over $4 billion worth of goods all over the world while supporting job creation here in the Garden State.”

Export-Import is an independent federal government agency and official export credit agency of the United States. It operates under a renewable charter and helps finance U.S. exports of manufactured goods and services. The bank plays a critical role in helping U.S. manufacturers compete with other foreign countries’ generous, government-backed export credit financing.

Since 2007, Export-Import has helped support $5 billion in exports from 245 exporters in New Jersey. In New Jersey’s 9th Congressional District, it has supported $430 million in exports.

“The employees and management of ATC fully and completely support the immediate continuance of Ex-Im and their financial programs in order to promote small- and middle-market businesses in the United States that wish to prosper and create jobs by exporting American made products globally,” stated Wayne Ackerman, chief financial officer of ATC.

Rep. Pascrell is an original cosponsor, along with over 150 House Democrats, of the Promoting U.S. Jobs Through Exports Act, H.R. 1031, which would reform and reauthorize Export-Import for an additional seven years, creating much-needed certainty and stability for American businesses. Rep. Pascrell also signed the discharge position to force a vote on the reauthorization in the House.

In 2014, Export-Import approved 3,746 transactions, which amounted to $20.5 billion in commitments, estimated by Export-Import to support $27.5 billion in U.S. exports of goods and services. Export-Import has returned nearly $7 billion to the U.S. Treasury since 1990, including $675 million in 2014 alone.

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