Testers amendment to renew Ex-Im Bank approved by Senate
Senator: ‘Montana small businesses have been waiting on Congress’
(U.S. Senate) – Senator Jon Tester’s amendment to renew the Export-Import Bank was approved by the Senate in a bipartisan 64-29 vote late last night.
The Ex-Im Bank, which helps facilitate the export of U.S. goods and services, ceased to issue new loans to businesses after Congress failed to renew it in June.
“Montana small businesses have been waiting on Congress to reauthorize the Export-Import Bank, and we are finally making significant progress toward that goal,” Tester said. “Renewing the bank will create jobs, put Montana businesses on the path to success, and ensure America stays a global economic leader for decades to come.”
Since 2007, the Ex-Im Bank has insured or financed $10 million for 16 Montana businesses.
In 2014, the Ex-Im Bank facilitated $27.4 billion of U.S. exports nationwide and supported 164,000 American jobs. Nearly 90 percent of the Ex-Im Bank’s transactions directly support American small businesses. None of this support comes at a cost to U.S. taxpayers as the Ex-Im Bank actually returned $674.7 million to the U.S. Treasury last year after covering all of its expenses.