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Community Corner

CHO: 'GARRETT GRIDLOCK' ENDANGERING ECONOMIC RECOVERY WITH IDEOLOGICAL OPPOSITION TO EXPORT-IMPORT BANK RENEWAL

Ridgewood, NJ -- Roy Cho, candidate for Congress in the 5th District, today called for swift reauthorization of the job-protecting Export-Import Bank of the United States, criticizing Tea Party incumbent Scott Garrett’s opposition to the institution that has helped American manufacturers reach new markets and expand their businesses.

“The Export-Import Bank has been vital to helping American companies expand our economy and create manufacturing jobs, at no cost to taxpayers,” said Cho, who comes from the private sector. “It makes zero sense that Scott Garrett would rather leave American manufacturers without this essential partner for their success. We simply cannot allow Garrett Gridlock to jeopardize American jobs.”
Created in 1934, the Export-Import Bank of the United States works with companies to guarantee financing and provide insurance for American exports. According to Bank data, since 2007 the Ex-Im Bank has helped 219 New Jersey-based companies finance exports totaling $4 billion. Nationally, in the 2013 fiscal year, the bank helped finance $37 billion in exports representing more than 3,800 companies and approximately 205,000 American jobs. According to the Bank, 85 percent of its financing directly supports small business.
The Ex-Im Bank also creates tangible benefits for American taxpayers. Over the past five years, the Bank has generated more than $2 billion in profits, in addition to being totally self-sufficient and operating at no cost to the government.
Absent Congressional action, the Export-Import Bank's charter will expire on September 30.
Cho said that failure to reauthorize the Bank would put American manufacturers at a competitive disadvantage, as 60 other countries backstop their producers with a similar institution. He noted the strong support it has from the United States Chamber of Commerce, the National Association of Manufacturers, and the Small Business Exporters Association.
“American companies rely on the Export-Import Bank to instill the confidence they need to ship their products overseas,” said Cho. “At a time when innovative American companies are reigniting our manufacturing sector, Scott Garrett’s opposition flies in the face of common sense, economic sense, and good business.”
Cho said this is not the first time Garrett has opposed helping American manufacturers and workers. The bank’s charter was last reauthorized in 2012 by a House vote of 330-93; Garrett voted “no,” then, too.

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