Washington, D.C. – U.S. Senator Catherine Cortez Masto (D-Nev.) joined a bipartisan group of Senators, led by Senate Banking Committee members Kevin Cramer (R-N.D.) and Kyrsten Sinema (D-Ariz.), to cosponsor legislation to reauthorize the Export-Import Bank for 10 years. The Export-Import Bank has financed millions of dollars in Nevada exports, and supported 23 businesses in the state, including 16 small businesses, in both urban and rural Nevada.
“Many Nevada businesses rely on the Export-Import bank to help provide them the resources they need to access and compete in foreign markets. Since 2014, ExIm has financed more than $66 million in export value for companies in the Silver State, sustained innovative new businesses, and supported good-paying jobs. In order for Nevada’s thriving manufacturing and business communities to maintain their competitive advantage, it’s vital that Congress ensure the continuation of a fully functioning ExIm bank.”
BACKGROUND:
The Export-Import Bank Reauthorization Act of 2019 includes a 10-year extension of the Export-Import Bank’s authority, which would be the longest ever enacted. The legislation provides for a quorum fix to ensure American exporters do not lose out on job-creating deals due to Congressional gridlock. The Bank lost its quorum of three voting board members in mid-2015, rendering it unable to consider major deals or implement necessary reforms to protect taxpayers and modernize its operations. Senator Cortez Masto helped push for the Senate to finally restore a quorum last May by confirming three new members to the Board of Directors, including Kimberly Reed as ExIm Bank president and former Rep. Spencer Bachus (R-Ala.) and Judith DelZoppo Pryor. This bipartisan bill also increases the Export-Import Bank’s exposure cap over 7 years to $175 billion, ensuring the Bank can help close our trade deficit and compete with countries like China.
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