Main Street Praises Re-Authorization of Export-Import Bank

Joint Statement of former U.S. Rep. Amory F. Houghton (R-NY) and former U.S. Rep. Tom Davis (R-VA)

(Washington, D.C.) – Today, the U.S. House of Representatives re-authorized the Export-Import Bank. In response, former U.S. Rep. Amory F. Houghton, Chairman of the Board of RMSP, and former U.S. Rep. Tom Davis, President of RMSP, issued the following joint statement:

“Lawmakers in Washington have a daunting task in front of them today – not only must they find ways to spur economic growth and create jobs, they must do so in the context of a looming unprecedented fiscal crisis as a result of deficit spending and mountains of federal debt. The good news is that re-authorizing the Export-Import Bank not only creates jobs, it does so without adding the federal debt.

“Unlike the failed “stimulus” spending, which cost taxpayers trillions of dollars, the cost to the American taxpayers for the Export-Import Bank’s job creation is nothing. The Bank generates enough fees to offsets its costs and actually contributes the remaining surpluses to the United StatesTreasury. Indeed, over the last five years, the Bank has returned $3.4 billion to the United States Treasury.

“Last year alone, the Export-Import Bank supported more than $40 billion in export sales from American companies. These sales, from 3,600 companies, supported almost 300,000 jobs.

“The Republican Main Street Partnership praises the House’s bipartisan re-authorization and urges the Senate to follow suit.”

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The Republican Main Street Partnership (RMSP) is dedicated to promoting and building a pragmatic, thoughtful, fiscally conservative, and inclusive “Governing Majority,” where political debate is encouraged to promote solutions to improve the lives of all Americans. Embracing the full spectrum of center-right ideologies and values in order to build coalitions, RMSP is the largest organization of elected leaders who are in the mold of Abraham Lincoln, Teddy Roosevelt, and Ronald Reagan. For more information on RMSP, visit our website at www.republicanmainstreet.org.