Number
140700
Version
ORIGINAL
Sponsor
ALD. DAVIS
Title
Resolution urging the U.S. Congress to reauthorize the charter for the Export- Import Bank of the United States.
Analysis
This resolution urges the U.S. Congress to reauthorize the charter for the Export-Import Bank of
the United States, which expires on September 30, 2014. The Export-Import Bank of the United
States is an independent export credit agency that serves to assist in financing the export of U.S.
goods and services to international markets by providing guarantees to foreign customers of U.S.
exports.
Body
Whereas, The Export-Import Bank of the United States is an independent export credit agency
that serves to assist in financing the export of U.S. goods and services to international markets by
providing guarantees to foreign customers of U.S. exports; and
Whereas, The Export-Import Bank's charter expires September 30, 2014, and needs to be
reauthorized by the U.S. Congress; and
Whereas, During its 80-year history, the Export-Import Bank has been reauthorized 16 times, all
with broad bipartisan majorities; and
Whereas, With 80 years of experience, the Export-Import Bank has supported more than $567
billon of exports, primarily to developing markets worldwide; and
Whereas, In fiscal year 2013, the Export-Import Bank earned a profit of more than $1 billion for
the U.S. Treasury, mostly through fees collected from foreign customers; and
Whereas, The Export-Import Bank reported that it supported over 1.2 million jobs over the past 5
years and 205,000 jobs in 2013, earning over and above the cost of its operations and running a
$2 billion surplus; and
Whereas, According to the U.S. Bureau of Economic Analysis, the United States exported
$195.9 billion of goods and services in June 2014; and
Whereas, Exports of goods and services over the last 12 months totaled $2.3 trillion, which is 46
percent above the level of exports in 2009, and have been growing at an annualized rate of 8.8
percent when compared in 2009; and
Whereas, In Wisconsin, the Export-Import Bank supported the export of $102 million of goods and services from 2012-2013; and
Whereas, In fiscal year 2013, small business deals accounted for nearly 90 percent of the bank's
authorizations; and
Whereas, The Export-Import Bank has approved more small business transactions in the last 5
years than in the previous 11 years combined; and
Whereas, According to the Metropolitan Milwaukee Association of Commerce, since 2007, the Export-Import Bank assistance has supported $4 billion in export activity in Wisconsin, benefitting 180 different companies of which 105 were small businesses; and
Whereas, In 2014, according to the USA Export Data, The Oilgear Company and P&H Mining Equipment, Inc., located in the city of Milwaukee, are 2 of the top exporters in Wisconsin with total export sales exceeding $175 million; and
Whereas, The Export Import Bank supports economic activity in Milwaukee by providing assistance to local businesses, such as Rexnord Corporation, Rockwell Automation, Inc., and Tramont Corporation; and
Whereas, The reauthorization will ensure the continued effective operation of the Export-Import
Bank, which helps advance U.S trade policy, facilitate the export of goods and services and
contribute significantly to the economy; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the Common Council urges
the U.S. Congress to reauthorize the charter for the Export-Import Bank of the United States;
and, be it
Further Resolved, That the City Clerk shall forward copies of this resolution to the members of
the City of Milwaukee's delegation to the U.S. Congress, National League of Cities, U.S.
Conference of Mayors, National Association of Counties and League of Wisconsin
Municipalities.
Drafter
LRB: 154733-1
La-Wanda G. Fletcher
8/14/14