Full Text of SR0218 099th General Assembly
SR0218 99TH GENERAL ASSEMBLY |
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| 1 | | SENATE RESOLUTION
| 2 | | WHEREAS, The Export-Import Bank of the United States (Ex-Im | 3 | | Bank) is the official export credit agency of
the United | 4 | | States; and
| 5 | | WHEREAS, The mission of the Ex-Im Bank is to ensure that | 6 | | United States companies have
access to export sales through | 7 | | working capital guarantees, loan guarantees, export-credit
| 8 | | insurance, and financing to help foreign buyers purchase U.S. | 9 | | goods and services; and
| 10 | | WHEREAS, The Ex-Im Bank does not compete with private | 11 | | institutions because it finances
exports that the private | 12 | | sector is unwilling or unable to undertake alone; and | 13 | | WHEREAS, The Ex-Im Bank has generated nearly $3 billion in | 14 | | fees from its customers over
the past 3 fiscal years, including | 15 | | $674.7 million in FY 2014; these funds were deposited
in the | 16 | | U.S Treasury to reduce the U.S. deficit and indebtedness; and | 17 | | WHEREAS, Eighty-five percent of Ex-Im Bank transactions | 18 | | benefit small businesses; and | 19 | | WHEREAS, Between 2007 and 2014, the Ex-Im Bank supported | 20 | | 382 Illinois companies
including 246 small companies employing |
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| 1 | | 35,000 workers that exported products; and | 2 | | WHEREAS, These 382 Illinois companies sold more than $8 | 3 | | billion in goods and services
across the globe; and | 4 | | WHEREAS, Since FY 2012, the Ex-Im Bank has supported nearly | 5 | | $115 billion in exports; and | 6 | | WHEREAS, The Ex-Im Bank has supported more than 1.3 million | 7 | | American jobs in all 50 states
since FY 2009; and | 8 | | WHEREAS, Illinois exported a record $68.2 billion of goods | 9 | | and services in 2014; and | 10 | | WHEREAS, Illinois companies, particularly in the | 11 | | manufacturing and agricultural sectors, rely
on the sales of | 12 | | products across the world; and | 13 | | WHEREAS, Nearly 90% of world trade relies on trade finance | 14 | | provided by 60 export
credit agencies, according to the | 15 | | Congressional Research Service; and | 16 | | WHEREAS, The Ex-Im Bank's statutory authority has been | 17 | | renewed many times over the past
80 years under both Democrat | 18 | | and Republican administrations; and
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| 1 | | WHEREAS, The Ex-Im Bank's statutory charter is scheduled to | 2 | | expire on June 30, 2015; and
| 3 | | WHEREAS, Expiration of the Ex-Im Bank's authority would | 4 | | stop operations and prevent
Illinois companies from selling | 5 | | billions of dollars in products; and
| 6 | | WHEREAS, Expiration of the Ex-Im Bank will have a negative | 7 | | impact on the Illinois economy,
its communities, and its | 8 | | workers; therefore, be it
| 9 | | RESOLVED, BY THE SENATE OF THE NINETY-NINTH GENERAL | 10 | | ASSEMBLY OF THE STATE OF ILLINOIS, that we urge President | 11 | | Barack Obama and members of the United States Senate and House | 12 | | of Representatives to reauthorize the United States | 13 | | Export-Import Bank before June 30, 2015; and be it further
| 14 | | RESOLVED, That suitable copies of this resolution be | 15 | | provided to U.S. House Speaker John
Boehner, House Minority | 16 | | Leader Nancy Pelosi, Senate Majority Leader Mitch McConnell,
| 17 | | Senate Minority Leader Harry Reid, U.S. Senator Dick Durbin, | 18 | | U.S. Senator Mark Kirk, and
every member of the Illinois | 19 | | Congressional Delegation.
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