Bill Text: IL HR0385 | 2019-2020 | 101st General Assembly | Introduced
Bill Title: Encourages Congress to pass a long-term reauthorization of the Export-Import Bank before its charter expires on September 30, 2019
Spectrum: Bipartisan Bill
Status: (Passed) 2019-06-01 - Added Co-Sponsor Rep. Dan Ugaste [HR0385 Detail]
Download: Illinois-2019-HR0385-Introduced.html
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| 1 | HOUSE RESOLUTION
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| 2 | WHEREAS, The Export-Import Bank was founded in 1934 amid | ||||||
| 3 | the Great Depression to help struggling exporters in the United | ||||||
| 4 | States facilitate international trade; and
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| 5 | WHEREAS, At the time, President Franklin D. Roosevelt saw | ||||||
| 6 | that U.S. exporters were desperate for overseas customers; | ||||||
| 7 | foreign markets lacked sufficient capital to finance | ||||||
| 8 | international trade; and
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| 9 | WHEREAS, Ever since, the Export-Import Bank has subsidized | ||||||
| 10 | loans and loan guarantees in addition to capital and credit | ||||||
| 11 | insurance to benefit U.S. exporters; and
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| 12 | WHEREAS, While obscure to most Americans, The | ||||||
| 13 | Export-Import Bank is the object of protracted debate in | ||||||
| 14 | Congress, as the expiration of its charter quickly approaches | ||||||
| 15 | on September 30, 2019; and
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| 16 | WHEREAS, For several years, the Export-Import Bank has been | ||||||
| 17 | without a fully-functioning board, which suspends its ability | ||||||
| 18 | to approve deals worth more than $10 million; and
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| 19 | WHEREAS, The lack of a fully-functioning Export-Import | ||||||
| 20 | Bank is harmful to Illinois' economy in that Illinois-based | ||||||
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| 1 | companies, including Boeing, Caterpillar, and John Deere are | ||||||
| 2 | some of its largest customers; and
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| 3 | WHEREAS, To this end, the lack of a fully-functioning | ||||||
| 4 | export credit agency to compete with other countries around the | ||||||
| 5 | world translates into lost trade opportunities and significant | ||||||
| 6 | job losses for Illinois; and
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| 7 | WHEREAS, More than 100 other export credit agencies across | ||||||
| 8 | the globe provide export support to their national companies; | ||||||
| 9 | as of 2017, the export credit agencies of Japan and Korea had | ||||||
| 10 | $187 billion in medium and long-term exposures; Canada, | ||||||
| 11 | Germany, France, Italy, and the United Kingdom had $306 | ||||||
| 12 | billion; China had an estimated $363 billion; by comparison, | ||||||
| 13 | the Export-Import Bank has an exposure of approximately $70 | ||||||
| 14 | billion, about one dollar for every five of China's; therefore, | ||||||
| 15 | be it
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| 16 | RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE ONE | ||||||
| 17 | HUNDRED FIRST GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that | ||||||
| 18 | that we strongly encourage Congress to pass a long-term | ||||||
| 19 | reauthorization of the Export-Import Bank before its charter | ||||||
| 20 | expires on September 30, 2019; and be it further
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| 21 | RESOLVED, That a suitable copy of this resolution be | ||||||
| 22 | delivered to the members of the Illinois congressional | ||||||
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| 1 | delegation.
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