News Release

Washington, DC – Legislation that will reauthorize the official export credit agency of the U.S. is now headed to the President’s desk for signature, announced the bill’s chief sponsor, Idaho Senator Mike Crapo. Crapo chairs the Senate Banking Subcommittee on International Trade and Finance that oversees operations of the Export-Import Bank. S. 3938, the Export-Import Bank Reauthorization Act of 2006, was approved unanimously by the Senate on Wednesday evening, having passed the House of Representatives earlier in the day. The measure reauthorizes the Bank’s charter for five years, strengthens small business outreach, and improves reporting by Ex-Im Bank to Congress for appropriate oversight. “The Ex-Im Bank has been an important tool for American business for more than 70 years,” Crapo said. “A number of Idaho-based companies have found support through the Ex-Im Bank to sell their products and services overseas. While it is necessary to keep those programs going, we also must ensure that the Bank’s support for transactions not only helps U.S. exports but does not negatively impact domestic companies. We need to use the Ex-Im Bank as a tool to promote American business throughout the world, and it is important to periodically review its operations to ensure that it remains an effective tool.” Steve Appleton, Chairman, President and CEO of Micron Technology, Inc., said, "I am pleased to see the final passage of this legislation and think it’s a great outcome for Micron and Idaho. I applaud Senator Crapo for his dedication and leadership on this important bill. This bill significantly improves the economic impact analysis process required to determine whether a loan from the U.S. Export-Import Bank will harm a U.S. industry." The president of the Small Business Exporters Association of the United States, James Morrison, said, “The sponsors and Committees that produced this excellent, bipartisan bill deserve the gratitude of the small business community. This is the most supportive legislation for small companies in need of export financing that Congress has ever passed -- truly a landmark for small company exporters in our country. It will pay economic dividends for all Americans with increased U.S. exports for many years to come.” Crapo’s legislation makes the operating and loan process at the Ex-Im Bank more transparent in several ways and involves interested stakeholders throughout the process. Among its provisions: • Requires the Bank to maintain a list of sensitive areas where export financing is unlikely to be provided. • Requires detailed information to the public regarding the proposed financing at an early stage and in an adequate way so that input can be brought to bear by those who have the expertise on the specific proposal and industries involved. • Establishes protections against circumvention of U.S. trade remedy orders. • Establishes a Small Business Division, headed by a Senior Vice President who will report directly to the Bank President. It also establishes a Small Business Committee, chaired by the Senior Vice President of the Small Business Division. • Requires Ex-Im to authorize banks to process medium-term transactions on behalf of Ex-Im to facilitate the approval of such transactions. • Streamlines the Bank’s application process and mandate that the Bank provide timely notice of an application receipt. • Establishes an office to focus on small businesses owned by women or the socially and economically disadvantaged. • Requires the Bank provide various enhancements to its regular reports to Congress relating to the Bank’s operation. Crapo concluded, “This bipartisan effort would not have been possible without the strong leadership and cooperation from Senate Banking Committee Chairman Shelby and Ranking Member Sarbanes as well as House Financial Services Committee Chairman Oxley and Ranking Member Frank. The measure permits the Ex-Im Bank to continue in its critical mission while providing significantly improved Congressional oversight and increased focus on U.S. exports and foreign trade opportunities.” The Senate previously passed Ex-Im reauthorization in late September, but several changes were made in the House version, which made it necessary for the Senate to consider the bill again. The Ex-Im Bank’s authorization expired on September 30, 2006; it has been operating under approval through language in the continuing resolution since that time. This legislation reauthorizes the bank through the end of Fiscal Year 2011, at which point new legislation will be required.