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Golden Votes to Help Maine Businesses Reach New Markets Abroad & Protect Jobs Back Home

November 15, 2019

Legislation would reauthorize and revamp the Export-Import Bank, which supports more than $36 million in Maine exports. Baxter Brewing, Trenton Bridge Lobster Pound, & Auburn Manufacturing Co. among businesses who have used EXIM to expand their businesses

WASHINGTON — Focused on protecting Maine jobs and helping businesses succeed, Congressman Jared Golden (ME-02) voted today to reauthorize the Export-Import Bank (EXIM) and address significant problems that have held the agency back from growing exports of American-made products and supporting thousands of American jobs.

EXIM helps fill gaps in private financing for American goods and services being sold abroad. The agency offers loan guarantees, insurance, access to capital, and buyer financing for American businesses that face unfair competition from heavily-subsidized foreign businesses or are unable to access export financing from private sources. Maine companies, almost entirely small businesses, have used the agency's services to export $36 million of goods in the last five years.

"Expanding to new markets is one of the best ways for many businesses in our state to grow and add new jobs," said Congressman Golden. "The Export-Import Bank helps create those expansion opportunities, providing critical services that many companies need to export their ‘Made in America' products and compete on a fair playing field against foreign companies. The bill I voted to pass through the House today will allow the agency to serve more small businesses and protect more jobs. The legislation will also prevent Congress from playing politics with the agency, changing the rules governing EXIM so that it can't be held hostage by Washington in-fighting."

The legislation Golden voted for would address a problem within the rules of the Export-Import Bank that have hobbled the agency since 2015. Without a quorum on its board of directors, EXIM cannot approve the services it provides to American businesses. For years, partisan Members of Congress blocked nominations to fill empty seats on the EXIM board, preventing the agency from approving $40 billion of transactions that would have supported 250,000 American jobs. The bill passed by the House today provides a process for EXIM to continue to perform its functions even if its board does not have a quorum.

Maine businesses were supportive of the legislation:

"From large employers like GE to small, family-owned businesses, Maine manufacturers need tools to help them compete, succeed in today's global marketplace, and provide more good jobs to Mainers. Congressman Golden gets it, as demonstrated by his support for the US Export Import Bank today. We look forward to continuing to work with him to make long term reauthorization a reality." — Eric Anderson, Plant Manager, GE Power Bangor

"My company has benefited greatly from EXIM's export insurance, which helps us ship product outside of the US. We are now able to sell to foreign customers the same way we sell to customers here at home. With EXIM's help, we are a small company that now sells throughout the world – over 30 countries and counting! I'm glad to see Congressman Golden backing this important bill to support Maine small businesses like ours!" — Kathie Leonard, President/CEO, Auburn Manufacturing Co.

The bill would also increase the financing EXIM can offer to American companies by 30%, raise the level of financing the agency devotes specifically to small businesses, and rename Ex-Im the United States Export Finance Agency.

The legislation has the support of the AFL-CIO, International Association of Machinists and Aerospace Workers, International Federation of Professional & Technical Engineers, and the U.S. Chamber of Commerce.