Rep. Sylvia Garcia’s Statement in Support of the Export-Import Bank Reauthorization Bill
WASHINGTON, DC —Today, the House of Representatives passed H.R. 4863, the United States Export Finance Agency Act of 2019, which would reauthorize the Export-Import (EX-IM) Bank for ten years and increase its lending authority to $175 billion dollars. The EX-IM Bank is the official credit agency of the United States that support U.S. companies with remaining competitive with foreign exporters. The bill also includes new provisions to extend more financing to small businesses, provisions to assist minority- and women-owned businesses, pro-environmental provisions to support renewable energy exports and requires consultations with local communities affected by EX-IM financed projects.
Below are the remarks Congresswoman Sylvia Garcia (TX-29) delivered yesterday on the House Floor in support of reauthorizing the EX-IM Bank:
“I thank the Gentlewoman from California and I thank her for her leadership in bringing this incredibly important bill to the floor.
The EX-IM bank provides targeted credit and export support to our small businesses who need it most to stay competitive.
We know the banks programs work and we should not abandon them.
I fully support the reauthorization.
The EX-IM Bank plays an irreplaceable role in promoting American exports in keeping small businesses competitive on the international market.
Since 2014, the bank has provided over $450 million worth of export support value in my district in the Houston area. Among the 53 total exporters supported in my district, 39 are small businesses.
In Texas, the bank has supported 12 billion dollars in exports and 815 exporters, including 470 small businesses.
Along with the reauthorization this bill includes an Office of Women and Minority inclusion.
This is important because in my district out of the 59, only 7 are minority owned and only 4 are female owned.
Additionally, this bill includes common sense environmental and community engagement standards that seek to make sure the bank is helping to meet our Paris Climate Accord commitments.
But while these improvements to the bank contained in the bill are important, I don’t want to take away from the fact that this is a jobs bill.
This bill supports American manufacturing jobs.
This bill supports our exporting sector.
This bill helps reduce our trade deficit.
And that is why I am calling on all my colleagues to join me in passing this critical legislation.”
Congresswoman Sylvia R. Garcia was elected to the U.S. House of Representatives in November 2018, becoming the first Latina ever to represent Texas 29th Congressional district.