WASHINGTON –U.S. Sens. Mark R. Warner (D-VA) and Kevin Cramer (R-ND), both members of the Senate Banking Committee, introduced legislation to reauthorize the U.S. Export-Import Bank (EXIM) for the next decade, which would be the longest reauthorization of the bank in history. Since its inception as an Export Credit Agency (ECA) in 1934, EXIM has been an essential financing tool for American companies to export goods and services.

“Renewing the Export-Import Bank is critical for Virginia businesses to stay viable in a global economy with China and other foreign competitors,” said Sen. Warner. “Virginia businesses are struggling because of Trump’s senseless tariff policy. At a time when it’s already harder for businesses in the Commonwealth and across the country to export goods, failing to reauthorize EXIM would be another massive hit to the economy. This bipartisan, commonsense bill will protect American jobs and provide stability for small businesses and manufacturers, while helping secure our economic and national security.”

“Planning for production and manufacturing as we know, does not happen overnight, and reauthorizing EXIM for a decade really reflects that reality, and that’s the sweet spot we’re trying to hit here,” said Sen. Cramer. “A ten-year authorization allows for greater certainty, and we know how important certainty is to investors.  It gives American businesses a runway for making long-term plans without that looming threat of a lapse in authorization. That’s what we saw in 2015 and we want to avoid that. We all know that across North Dakota and of course every state in our country, companies rely on EXIM to help export products. We don’t have much of a business economy if we’re not exporting, and that includes big and small companies. The introduction of this bill starts that process of working with our colleagues and stakeholders, who we listen to carefully, to build on EXIM’s success. I know it seems early but it’ll come faster than you think. We really need to work together to find the sweet spot, find the low-hanging fruit, find where compromise can be made so that we can give American businesses the competitive edge across the globe.”

Since 2016, EXIM has supported 61 Virginia businesses for a total of $719 million worth of exports.

As of 2019, there were 115 ECAs globally, each competing to help industry within their country secure market access across the globe. China has two ECAs, both of which support its Belt and Road Initiative, which facilitates Chinese global industrial development. According to the Center for Strategic and International Studies, “In 2022, it is estimated that the PRC’s official medium- and long-term export credit support was $11 billion. In comparison, the United States’ official medium- and long-term export credit support stood at $2.7 billion.”

Click here for bill text.

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