Ron Kind Tours State Calling For Renewal Of Export-Import Bank

U.S. Rep. Ron Kind, D-Wisc., is touring the state calling for continued support of a national bank aimed at helping American businesses with selling overseas.

The Export-Import Bank of the United States, created in 1934, provides loans and insurance to companies selling products overseas. The bank’s charter expires Sept. 30, and as Congress prepares to convene next month there is fierce debate about whether to renew it.

Kind said the Export-Import Bank has helped thousands of small businesses enter foreign markets.

“Over the last few years alone, there’s been over $4 billion worth of sales coming out of Wisconsin alone to foreign markets that the Export-Import Bank helped facilitate, and offered insurance and loan guarantees to make that happen,” said Kind.

Some Republican lawmakers have raised questions about whether government should be competing with private banks in the export-import market. U.S. Rep. Sean Duffy, R-Wisc., has said that if the bank’s charter is renewed, there should be significant reform.

Export-Import Bank President Fred Hochberg said that uncertainty about what Congress will do means businesses are leary about borrowing from them.

“I’m confident we’re going to get extended. I just don’t for how long, I don’t know under what conditions, and that uncertainty is not good. Not knowing week to week whether you’re going to have the financial support or not is really not a way to build your business,” he said.

The U.S. House heads back to Washington, D.C. following its summer break Sept. 8. There are 10 session days for Congress to act on the Export-Import Bank’s charter.