WASHINGTON – Today, the United States House of Representatives passed H.R. 4863, the United States Export Finance Agency Act. This important piece of legislation reauthorizes the Export-Import Bank for ten years, increases its lending threshold to $175 million, and streamlines operations in order to better serve consumers. A strong supporter of the Export-Import Bank, Congresswoman Jahana Hayes (CT-05) voted to pass the legislation on the House floor.
The Export-Import Bank supports United States businesses trying to sell goods overseas by providing credit and financing. While authorization for the Export-Import Bank expired at the end of last year, it has continued operating under temporary authority from Congress. This bill removes the uncertainty and ensures this critical resource for Connecticut businesses is strengthened and available over the course of the next decade.
“Over $230 million dollars has been generated by exporters in Connecticut’s Fifth District as a result of assistance rendered by the Export-Import Bank,” said Congresswoman Jahana Hayes. “The Export-Import Bank is a critical part of our economic infrastructure and one dedicated to supporting small businesses and those owned by minorities and women. I strongly encourage the Senate to pass this reauthorization and deliver it to the president’s desk for signature, as soon as possible.”
Over the course of the last decade, the Export-Import Bank has supported more than 1.5 million jobs in the United States, financed over $255 billion in exports, and has returned over $3 billion to the Department of the Treasury. Its reauthorization is strongly supported by both business and labor groups including the AFL-CIO, International Association of Machinists and Aerospace Workers, International Brotherhood of Electrical Workers, International Brotherhood of Boilermakers, North America’s Building Trade Unions, U.S. Chamber of Commerce, and the National Association of Manufacturers.
Exporter |
City |
Total Export Value ($) |
Gracious Gourmet, LLC, The |
Bridgewater |
12,714 |
Wentworth Laboratories, Inc. |
Brookfield |
335,675 |
Latin American Polymers LLC |
Cheshire |
110,246 |
Quimtec Polymers, LLC |
Cheshire |
1,224,820 |
Fram Group Operations LLC |
Danbury |
286,655 |
Fuelcell Energy, Inc. |
Danbury |
80,000,000 |
Rb International Finance (USA) LLC |
Danbury |
318,221 |
Neeltran Inc |
New Milford |
50,000,000 |
Galata Chemicals Holding Company LLC |
Southbury |
99,500,000 |
Remote Automation Solutions |
Watertown |
375,073 |
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*A copy of the bill can be seen here: https://www.govinfo.gov/content/pkg/BILLS-116hr4863rh/pdf/BILLS-116hr4863rh.pdf
Rep. Jahana Hayes has been a public school teacher in Connecticut for more than 15 years and was recognized in 2016 as the National Teacher of the Year. Currently serving her first term in the U.S. House of Representatives, Rep. Hayes sits on the Committees on Education & Labor and Agriculture and proudly represents Connecticut’s 5th District.