Congressman Tim Ryan Statement on Ex-Im Bank Reauthorization

Oct 27, 2015 Issues: Helping Working Families

Washington, DC – Congressman Tim Ryan strongly supported the reauthorization of the Export-Import Bank’s (Ex-Im Bank) charter today, which expired on July 1, 2015.  

“I was furious when Republican leadership allowed the Ex-Im Bank to expire earlier this year and have worked tirelessly to reauthorize this important part of the U.S. economy. These past months of uncertainty have put American companies at a devastating disadvantage in global markets – and in the case of Cincinnati, Ohio, it meant GE would not move its headquarters, and the jobs and capital that come with a move of that caliber, to the city,”  said Congressman Ryan. “The Ex-Im Bank has supported 350 Ohio businesses and 1.3 million jobs nationally since 2007. Yet knowing the critical role this institution plays in allowing American businesses to compete globally, the Republican leadership refused to hold what they knew would be a successful vote until their hand was forced. This should not be the way we run our country.”

The Tea Party wing of the Republican Party celebrated shutting down this 81-year-old institution and was only reauthorized because 42 Republicans joined 176 Democrats (including Congressman Ryan) in signing a discharge petition – a legislative maneuver to force a vote on specific legislation.

In September 2015, reports arose that General Electric (GE) decided not to move its headquarters to Cincinnati, Ohio, due to the opposition of the Export-Import Bank by Governor Kasich and Republican members of Ohio’s congressional delegation. In response, Congressman Tim Ryan urged Jeffrey Immelt, Chairman and CEO of General Electric to reconsider Cincinnati and the state of Ohio for its corporate headquarters. View the letter here.