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PRINTER'S NO. 904
THE GENERAL ASSEMBLY OF PENNSYLVANIA
SENATE RESOLUTION
No.
119
Session of
2015
INTRODUCED BY McGARRIGLE, MENSCH, RAFFERTY, AUMENT, TOMLINSON,
CORMAN, PILEGGI AND DINNIMAN, MAY 13, 2015
REFERRED TO COMMUNITY, ECONOMIC AND RECREATIONAL DEVELOPMENT,
MAY 13, 2015
A RESOLUTION
Urging the President of the United States and the Congress of
the United States to reauthorize the United States Export-
Import Bank before June 30, 2015.
WHEREAS, The Export-Import (Ex-Im) Bank of the United States
is the official export credit agency of the United States; and
WHEREAS, The mission of the Ex-Im Bank is to ensure that
United States companies have access to export sales through
working capital guarantees, loan guarantees, export-credit
insurance and financing to help foreign buyers purchase United
States goods and services; and
WHEREAS, The Ex-Im Bank does not compete with private
institutions because it finances exports that the private sector
is unwilling or unable to undertake alone; and
WHEREAS, The Ex-Im Bank has generated nearly $3 billion in
fees from its customers over the past five fiscal years,
including $675 million in fiscal year 2014, and these funds were
deposited in the United States Treasury to reduce the United
States deficit; and
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WHEREAS, Ninety percent of the Ex-Im Bank transactions
benefit small businesses; and
WHEREAS, Between 2007 and 2014, the Ex-Im Bank supported 290
Pennsylvania companies, including 189 small businesses employing
39,858 workers that exported products; and
WHEREAS, These 290 Pennsylvania companies sold more than $6
million in goods and services across the globe; and
WHEREAS, Since fiscal year 2014, the Ex-Im Bank supported
nearly $48 billion in exports; and
WHEREAS, The Ex-Im Bank has supported more than 1.3 million
American jobs in all 50 states since 2009; and
WHEREAS, Pennsylvania exported more than $1 billion of goods
and services in 2014; and
WHEREAS, Pennsylvania companies, particularly in the
manufacturing sector, rely on the sales of products across the
world; and
WHEREAS, Nearly 90% of world trade relies on trade finance
provided by 60 export credit agencies according to the
Congressional Research Service; and
WHEREAS, The Ex-Im Bank's statutory authority has been
renewed many times over the past 80 years under both Democrat
and Republican administrations; and
WHEREAS, The Ex-Im Bank's statutory charter is scheduled to
expire on June 30, 2015; and
WHEREAS, Expiration of the Ex-Im Bank's authority would stop
operations and prevent Pennsylvania companies from selling
billions of dollars in products overseas; and
WHEREAS, Expiration of the Ex-Im Bank will have a negative
impact on the Pennsylvania economy and on its communities and
workers; therefore be it
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RESOLVED, That the Senate of the Commonwealth of Pennsylvania
urge the President of the United States and the Congress of the
United States to reauthorize the United States Export-Import
Bank before June 30, 2015; and be it further
RESOLVED, That a copy of this resolution be provided to the
Majority Leader of the United States Senate, the Minority Leader
of the United States Senate, the Speaker of the United States
House of Representatives, the Minority Leader of the United
States House of Representatives and every member of the
Pennsylvania Congressional Delegation.
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