Washington, D.C. - Congressman Charles B. Rangel joined Ways and Means Committee Ranking Member Sander Levin (D-MI) and Trade Subcommittee Ranking Member Jim McDermott (D-WA) to applaud the House's reauthorization of the Export-Import Bank.

The mandate of the Export-Import Bank is to support U.S. exports and the employment of American workers.  The Bank uses its authority and resources to finance exports primarily in circumstances when alternative, private sector export financing may not be available or is prohibitively expensive or risky. 

"American businesses must be equipped with the necessary tools and resources to compete with China's thriving export sector," said Rangel.  "The Export-Import Bank helps small and medium-sized companies expand by opening up new markets for their products.  Exports are a critical ingredient to our economic recovery and to job creation.  Europe and China are scrambling to generate export credit; American exporters will need equal financing to compete in the increasingly globalized marketplace." 

Under the old law, the U.S. Export-Import Bank could not provide loans, guarantees or insurance at any one time in excess of $100 billion.  The Bank was expected to reach that limit before its authorization expired on May 31. 

The Bank seeks to level the playing field for U.S. exporters by matching credit support that other nations provide to their exporters.  From 2006-2010, China issued over $203 billion in new medium- and long-term export credit financing, which is four times the amount invested by the United States in absolute dollars, and ten times more as a share of GDP.  Countries like China do not always comply with international guidelines relating to export financing, and the Bank is developing new tools to confront this challenge.

Added Rangel:  "With this action America takes another step on its path to economic recovery.  By supporting our small businesses, we can ensure that American job growth will continue and our economy will remain the world's largest and most vibrant."