In the last two years, Missouri businesses have exported over $300 million worth of goods and services around the world by utilizing the U.S. Export-Import (EXIM) Bank. In other words, consumers worldwide are spending $300 million to buy products made here in Missouri by our workers. The access to foreign markets provided by the Bank gives our local businesses an incredible opportunity to reach consumers anywhere on the map, and the more those consumers buy, the more workers our companies can hire. 

Oftentimes, people associate export financing with only the biggest American companies.  While large corporations like Boeing and GE -- who both employ thousands of Missourians and Third District residents -- do utilize the EXIM Bank, the majority of Bank users are small businesses.  In fact, 75 percent of the companies in Missouri who utilize EXIM are small businesses. Nationwide, more than 90 percent of EXIM transactions in 2019 directly supported American small businesses. Companies like Lubri-loy Company in Wentzville, who created technologically-advanced lubricating products for machinery, and Ace Manufacturing and Parts Company in Wentzville, who sells the last American-made clutch on the market, are shipping their products around the world. With the EXIM Bank’s assistance, our small businesses are not just able to keep up with bigger international companies -- they are successfully competing in the global marketplace.

Unlike most government agencies that are packed with inefficiencies and cost taxpayers entirely too much money, the EXIM Bank actually makes America money. Because it finances the purchases of American products by foreign companies, the interest paid by those companies comes back to the U.S. creating a profit for taxpayers – certainly a welcome change from the norm. It’s also important to note the Bank does not compete with the private sector. It partners with the private sectors lenders to assist with financing that could not otherwise be provided.

With the Banks authorization set to expire, last week I joined a bipartisan group of my colleagues in the House in passing a bill to reauthorize it for ten years. Given the success our companies and workers are experiencing, I was proud to support a bill that will help us keep this economic success going.