Durbin: Congress Approves Legislation That Will Continue to Help Illinois Businesses Succeed in Global Economy and Create Jobs Here at Home
Export-Import Bank has supported over 100 companies in Illinois including Chicago-based Boeing and Peoria-based Caterpillar
[WASHINGTON, D.C.] - U.S. Senator Dick Durbin (D-IL) today said that bipartisan legislation to reauthorize the Export-Import Bank will support thousands of Illinois jobs and help Illinois businesses, both large and small, succeed in the global economy. The Export-Import Bank is responsible for supporting 288,000 jobs at more than 2,700 American companies - 113 of them in Illinois including 80 small businesses. Today’s legislation, which passed the House of Representatives, last week, was approved by a vote of 78 to 20 in the Senate. It will now go to President Obama for his signature.
“This bill that gives American companies a fighting chance in the global economy where competition from other nations and industries can be fierce,” said Durbin. “The Export-Import Bank helps large Illinois companies, like Caterpillar and Boeing, build their products here with American workers and sell their products overseas at a profit. It helps small businesses like NOW Health Group in Bloomingdale expand their business and break into new markets around the world. Increasing exports of American-made products is smart business at no cost to the taxpayer. This is common sense legislation.”
The Export-Import Bank, which is set to expire at the end of this month, helps American companies grow their businesses and create jobs at home by making loans to companies that export American-made products. These loans allow businesses in Illinois and across the U.S. to more easily sell their goods to businesses all over the world. More than 85% of the Export-Import Bank’s transactions are with small businesses.
The Export-Import Bank saves taxpayers money and reduces the deficit by returning the money that it makes money off of loans back to the U.S. Treasury year after year. It is estimated that the Export-Import Bank will return $359 million to the United States Treasury in fiscal year 2013 alone, and according to Congressional Budget Office the bank will return almost $1 billion over the next 5 years.