Toomey Wants End to Export-Import Bank

FOR IMMEDIATE RELEASE: May 15, 2012

Contact: Nachama Soloveichik (202) 224-0437
or Rebecca Neal (202) 224-8609

SEN. TOOMEY SPEAKS ON SENATE FLOOR
ABOUT HIS EX-IM AMENDMENT
Time to Put an End to Taxpayer Subsidies

WASHINGTON, D.C. – U.S. Senator Pat Toomey (R-Pa.) spoke today on the Senate floor about his amendment (S. Amdt. 2104) to H.R. 2072, the Export-Import Bank Reauthorization Act.

Sen. Toomey’s amendment seeks to ensure that the administration successfully negotiates the elimination of taxpayer-backed subsidized export financing programs for businesses. It does this in two phases.

• In the first phase, the amendment would limit the Export-Import Bank’s loan cap to $100 billion until the administration has certified in writing to Congress that negotiations to end subsidized export financing programs have begun. After this phase is completed, the loan cap may be increased to $120 billion.

• In the second phase, the bank’s loan cap would be frozen at $120 billion until the administration submits a multilateral agreement to Congress eliminating subsidized export financing programs with Organization for Economic Cooperation and Development nations and non-OECD nations with programs exceeding $50 billion. After this phase is completed, the bank’s portfolio would be increased to $140 billion, but the Ex-Im Bank and other nations’ subsidized export financing programs will be phased out over a designated period of time.

The Senate will vote on Sen. Toomey’s amendment later today.