Bill would extend Export-Import Bank
Sinema, Republican team for bipartisan legislation
Sen. Kyrsten Sinema is pushing an effort to reauthorize the Export-Import Bank of the United States for a decade before its charter lapses at the end of September, threatening the type of activity some U.S. manufacturers depend on for stable business dealings internationally.
Sinema, D-Ariz., is teaming up with Sen. Kevin Cramer, R-N.D., on the bipartisan legislation that also increases the bank’s exposure cap to $175 billion over seven years, in a bid to close the nation’s trade deficit and better compete with countries like China.
The bank, which helps finance and facilitate U.S. exports of goods and services from Arizona and across the nation, is again caught in a battle between conservative Republicans and Democrats.
Congress reauthorized the export credit agency in 2015, but, since then, it has faced operational limitations on various fronts.
Sinema and Cramer announced their effort Thursday. Their extension is the longest ever proposed, according to the senators.
“The Export-Import Bank is critical for Arizona’s economy because it ensures our businesses can compete, and win, on a level playing field with foreign competitors,” Sinema said in a written statement.
The extension would give American manufacturers and small businesses the chance to compete globally, and with more certainty, she said.
The bank has helped 37 Arizona businesses — including 27 small businesses from metro Phoenix to Tucson — finance more than $57 million in exports. The manufacturing benefits the state’s economy, supporters say.
The bank has allowed companies like KieTek International Inc., a material-handling company specializing in air cargo, maintain its foothold in its industry, said Justin Germ, who works in sales.
The company has shipped millions of dollars worth of goods this year along to South America, he said.
“We use that bank to provide a security blanket to make sure that we’re covered,” said Germ of the Queen Creekbased business. “It is very hard to negotiate outside of the country ... as much as we want our money up front, these people want to get their materials and make sure it’s exactly what they hoped they were getting before they pay us.”
The legislation also aims to prevent another loss of a quorum, like the 2015 quorum loss that hindered its ability to consider major deals or implement reforms.
“When customers don’t have access to commercial credit and they don’t have access to Ex-Im financing, the risk is that they’ll go looking elsewhere,” said Garrick Taylor, a spokesman for the Arizona Chamber of Commerce and Industry.
“The Export-Import Bank is critical for Arizona’s economy because it ensures our businesses can compete, and win, on a level playing field with foreign competitors.”
Kyrsten Sinema U.S. senator, D-Ariz.
Have news to share about Arizona’s U.S. senators or national politics? Reach the reporter on Twitter and Facebook. Contact her at 602-444-4712 or yvonne.wingett@arizonarepublic.com.
Subscribe for free to The Gaggle political podcast on Apple Podcasts, Overcast, or wherever you listen to audio content.