SR0218 99TH GENERAL ASSEMBLY

SR0218 LRB099 11384 MST 32191 r

SENATE RESOLUTION

WHEREAS, The Export-Import Bank of the United States (Ex-Im Bank) is the official export credit agency of the United States; and

WHEREAS, The mission of the Ex-Im Bank is to ensure that United States companies have access to export sales through working capital guarantees, loan guarantees, export-credit insurance, and financing to help foreign buyers purchase U.S. goods and services; and

WHEREAS, The Ex-Im Bank does not compete with private institutions because it finances exports that the private sector is unwilling or unable to undertake alone; and

WHEREAS, The Ex-Im Bank has generated nearly $3 billion in fees from its customers over the past 3 fiscal years, including $674.7 million in FY 2014; these funds were deposited in the U.S Treasury to reduce the U.S. deficit and indebtedness; and

WHEREAS, Eighty-five percent of Ex-Im Bank transactions benefit small businesses; and

WHEREAS, Between 2007 and 2014, the Ex-Im Bank supported 382 Illinois companies including 246 small companies employing 35,000 workers that exported products; and

WHEREAS, These 382 Illinois companies sold more than $8 billion in goods and services across the globe; and

WHEREAS, Since FY 2012, the Ex-Im Bank has supported nearly $115 billion in exports; and

WHEREAS, The Ex-Im Bank has supported more than 1.3 million American jobs in all 50 states since FY 2009; and

WHEREAS, Illinois exported a record $68.2 billion of goods and services in 2014; and

WHEREAS, Illinois companies, particularly in the manufacturing and agricultural sectors, rely on the sales of products across the world; and

WHEREAS, Nearly 90% of world trade relies on trade finance provided by 60 export credit agencies, according to the Congressional Research Service; and

WHEREAS, The Ex-Im Bank's statutory authority has been renewed many times over the past 80 years under both Democrat and Republican administrations; and

WHEREAS, The Ex-Im Bank's statutory charter is scheduled to expire on June 30, 2015; and

WHEREAS, Expiration of the Ex-Im Bank's authority would stop operations and prevent Illinois companies from selling billions of dollars in products; and

WHEREAS, Expiration of the Ex-Im Bank will have a negative impact on the Illinois economy, its communities, and its workers; therefore, be it

RESOLVED, BY THE SENATE OF THE NINETY-NINTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that we urge President Barack Obama and members of the United States Senate and House of Representatives to reauthorize the United States Export-Import Bank before June 30, 2015; and be it further

RESOLVED, That suitable copies of this resolution be provided to U.S. House Speaker John Boehner, House Minority Leader Nancy Pelosi, Senate Majority Leader Mitch McConnell, Senate Minority Leader Harry Reid, U.S. Senator Dick Durbin, U.S. Senator Mark Kirk, and every member of the Illinois Congressional Delegation.