Published: March 20, 2012
Letter on Senate Export-Import Bank Amendment
Related Studies & Resources
March 19, 2012
The Honorable Maria Cantwell
United States Senate
311 Hart Senate Office Building
Washington, DC 20510
The Honorable Lindsey Graham
United States Senate
290 Russell Senate Office Building
Washington, DC 20510
The Honorable Tim Johnson
United States Senate
136 Hart Senate Office Building
Washington, DC 20510
The Honorable Richard Shelby
United States Senate
304 Russell Senate Office Building
Washington, DC 20510
Dear Senators Cantwell, Johnson, Graham, and Shelby:
Business Roundtable (BRT) supports, and commends your bipartisan leadership in offering, Senate Amendment 1836 to H.R. 3606 which would reauthorize the Export-Import Bank of the United States (Ex-Im), increase its lending authority cap, and seek to make Ex-Im’s operations more effective and efficient. BRT is an association of chief executive officers of leading U.S. companies with over $6 trillion in annual revenues and more than 14 million employees. BRT member companies generate an estimated $420 billion in sales for small and medium-sized businesses annually.
Last December, nearly 70 CEOs – many of whom are BRT members – wrote to Senate and House leaders urging reauthorization of Ex-Im and an increase in its lending authority cap. Unfortunately, only a six-month extension was passed through this May and Ex-Im is now expected to reach its existing lending cap before then. Failure by Congress to reauthorize Ex-Im soon on a longer-term basis with a sufficient increase in its lending cap would handicap the ability of U.S. exporters to compete for sales abroad and support the U.S. jobs that depend on those sales.
Ex-Im’s positive contributions to the international competitiveness of American companies and workers and to the U.S. economy overall are well documented. In FY2011, Ex-Im facilitated roughly $41 billion in U.S. export sales by more than 3,600 U.S. small and large companies, supporting nearly 290,000 U.S. jobs. According to a 2011 study by the Coalition for Employment through Exports, more than 33,000 small and medium-sized suppliers benefit from export financing provided by Ex-Im.
It is also important to recognize that Ex-Im has made these positive contributions while returning revenue to the U.S. Treasury. Ex-Im generated $700 million in profit in FY2011 and $3.4 billion from FY2006 to FY2010.
For the above and other reasons, BRT supports your bipartisan amendment reauthorizing Ex-Im, which will help support U.S. economic growth and job creation.
Sincerely,
Douglas R. Oberhelman
Chairman and CEO, Caterpillar Inc.
Chair, BRT International Engagement Committee
DO/dr
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