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1
HOUSE RESOLUTION

 
2    WHEREAS, The Export-Import Bank was founded in 1934 amid
3the Great Depression to help struggling exporters in the United
4States facilitate international trade; and
 
5    WHEREAS, At the time, President Franklin D. Roosevelt saw
6that U.S. exporters were desperate for overseas customers;
7foreign markets lacked sufficient capital to finance
8international trade; and
 
9    WHEREAS, Ever since, the Export-Import Bank has subsidized
10loans and loan guarantees in addition to capital and credit
11insurance to benefit U.S. exporters; and
 
12    WHEREAS, While obscure to most Americans, The
13Export-Import Bank is the object of protracted debate in
14Congress, as the expiration of its charter quickly approaches
15on September 30, 2019; and
 
16    WHEREAS, For several years, the Export-Import Bank has been
17without a fully-functioning board, which suspends its ability
18to approve deals worth more than $10 million; and
 
19    WHEREAS, The lack of a fully-functioning Export-Import
20Bank is harmful to Illinois' economy in that Illinois-based

 

 

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1companies, including Boeing, Caterpillar, and John Deere are
2some of its largest customers; and
 
3    WHEREAS, To this end, the lack of a fully-functioning
4export credit agency to compete with other countries around the
5world translates into lost trade opportunities and significant
6job losses for Illinois; and
 
7    WHEREAS, More than 100 other export credit agencies across
8the globe provide export support to their national companies;
9as of 2017, the export credit agencies of Japan and Korea had
10$187 billion in medium and long-term exposures; Canada,
11Germany, France, Italy, and the United Kingdom had $306
12billion; China had an estimated $363 billion; by comparison,
13the Export-Import Bank has an exposure of approximately $70
14billion, about one dollar for every five of China's; therefore,
15be it
 
16    RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE ONE
17HUNDRED FIRST GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that
18that we strongly encourage Congress to pass a long-term
19reauthorization of the Export-Import Bank before its charter
20expires on September 30, 2019; and be it further
 
21    RESOLVED, That a suitable copy of this resolution be
22delivered to the members of the Illinois congressional

 

 

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1delegation.