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| | HR0385 | | LRB101 12452 ALS 60603 r |
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| 1 | | HOUSE RESOLUTION
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| 2 | | WHEREAS, The Export-Import Bank was founded in 1934 amid |
| 3 | | the Great Depression to help struggling exporters in the United |
| 4 | | States facilitate international trade; and
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| 5 | | WHEREAS, At the time, President Franklin D. Roosevelt saw |
| 6 | | that U.S. exporters were desperate for overseas customers; |
| 7 | | foreign markets lacked sufficient capital to finance |
| 8 | | international trade; and
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| 9 | | WHEREAS, Ever since, the Export-Import Bank has subsidized |
| 10 | | loans and loan guarantees in addition to capital and credit |
| 11 | | insurance to benefit U.S. exporters; and
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| 12 | | WHEREAS, While obscure to most Americans, The |
| 13 | | Export-Import Bank is the object of protracted debate in |
| 14 | | Congress, as the expiration of its charter quickly approaches |
| 15 | | on September 30, 2019; and
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| 16 | | WHEREAS, For several years, the Export-Import Bank has been |
| 17 | | without a fully-functioning board, which suspends its ability |
| 18 | | to approve deals worth more than $10 million; and
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| 19 | | WHEREAS, The lack of a fully-functioning Export-Import |
| 20 | | Bank is harmful to Illinois' economy in that Illinois-based |
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| | HR0385 | - 2 - | LRB101 12452 ALS 60603 r |
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| 1 | | companies, including Boeing, Caterpillar, and John Deere are |
| 2 | | some of its largest customers; and
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| 3 | | WHEREAS, To this end, the lack of a fully-functioning |
| 4 | | export credit agency to compete with other countries around the |
| 5 | | world translates into lost trade opportunities and significant |
| 6 | | job losses for Illinois; and
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| 7 | | WHEREAS, More than 100 other export credit agencies across |
| 8 | | the globe provide export support to their national companies; |
| 9 | | as of 2017, the export credit agencies of Japan and Korea had |
| 10 | | $187 billion in medium and long-term exposures; Canada, |
| 11 | | Germany, France, Italy, and the United Kingdom had $306 |
| 12 | | billion; China had an estimated $363 billion; by comparison, |
| 13 | | the Export-Import Bank has an exposure of approximately $70 |
| 14 | | billion, about one dollar for every five of China's; therefore, |
| 15 | | be it
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| 16 | | RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE ONE |
| 17 | | HUNDRED FIRST GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that |
| 18 | | that we strongly encourage Congress to pass a long-term |
| 19 | | reauthorization of the Export-Import Bank before its charter |
| 20 | | expires on September 30, 2019; and be it further
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| 21 | | RESOLVED, That a suitable copy of this resolution be |
| 22 | | delivered to the members of the Illinois congressional |