Ex-Im Bank Update Ursula M. Wegrzynowicz Trade Acceptance Group, Ltd. October 8, 2015.

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Presentation transcript:

Ex-Im Bank Update Ursula M. Wegrzynowicz Trade Acceptance Group, Ltd. October 8, 2015

Who is Ex-Im Bank? Mission: Create and sustain American jobs by increasing U.S. export sales Official Export Credit Agency (ECA) of the U.S. Government, founded in 1934 Sunset agency requiring Congress to reauthorize the Bank. Charter expired June 30 th Self-sustaining ECA’s, like Ex-Im, are governed by OECD

Mandates from Congress  No negative impact on the U.S. economy  Not to compete with the private sector  20% of support must be for small business by dollar volume  U.S. content minimums; range from 51-85%  Positive environmental impact  Restrictions on military equipment and buyers  Restricted countries  Special assistance to Small Businesses  U.S. shipping rules

Why did Ex-Im Bank lapse? Rep. Jeb Hensarling (R-TX), Chairman of the House Financial Services Committee, has refused to consider the stand alone legislation Ex-Im Bank considered to be “corporate welfare” Private sector insurers & banks will pick up where Ex-Im left off Ex-Im benefactors can finance their own sales First time Ex-Im Bank lapsed in 81 years

Where we are today Rep. Jeb Hensarling (R-TX), Chairman of the House Financial Services Committee, has refused to consider the stand alone legislation A majority of Senators (67) voted in favor of Ex-Im Bank’s reauthorization in July; legislation was attached to Highway Trust Fund Bill U.S. House passed their own version of Highway Trust Fund Bill, which did not include Ex-Im Bank legislation Rep. Fincher (R-TN) & Rep. Kinzinger (R-IL) have signed a petition to debate/vote on Ex-Im: “A discharge petition is a means of bringing a bill out of committee and to the floor for consideration without a report from the committee and usually without cooperation of the leadership by "discharging" the committee from further consideration of a bill or resolution.” Discharge petition will “mature” on 10/21 Success of petition more likely because introduced by the majority

Trade Acceptance Group & Ex-Im Ex-Im Bank Broker of the Year in 2002, 2008 and always among top 3 most active TAG represents (as their Broker) over 51% of Ex-Im Bank’s recognized exporting companies in Wisconsin Principals of TAG: former Ex-Im Small Business Advisory Committee member & employees 2015 President’s “E” Award for Export Service