Beatty Defends EXIM Bank Against Extremist Proposals Threatening U.S. Jobs

WASHINGTON, DC- Ranking Member Congresswoman Joyce Beatty (D-OH) today delivered an opening statement during the National Security, Illicit Finance, and International Financial Institutions Subcommittee hearing entitled, "The Role of the Export-Import (EXIM) Bank of the United States Amid Intensifying Economic Competition with China." EXIM is the official export credit agency of the United States, whose primary mission is to support U.S. businesses by financing or facilitating exports.

In her opening statement, Beatty emphasized the importance of EXIM's role in bolstering U.S. competition on the global stage, particularly with respect to China. She urged against eliminating EXIM, as proposed by extremist agendas like Project 2025, referencing data that shows that 90 percent of EXIM's authorizations directly benefit small businesses in the United States.

Over the last decade, EXIM's authorized financing or insurance has supported $5 billion in exports overall in Ohio and $60 million in the Third Congressional District alone.

Key Quotes:

"By providing financing tools to help U.S. businesses export their American-made goods and services around the world, EXIM supports United States jobs and helps our companies successfully compete abroad."

"Today, you may hear claims that EXIM simply hands out money to large corporations, but I want to go on record stating that, in fact, 90 percent of EXIM's authorizations directly benefit United States small businesses."

"The purpose of EXIM is to level the playing field to ensure that American companies can compete for global sales, and that is exactly what the bank does in every single one of our Congressional districts represented in this hearing today."

"Under your leadership, Chair Lewis, the Export-Import Bank has committed to advancing diversity, equity, inclusion, and accessibility, cultivating a diverse workforce at the bank, and identifying ways to support women-owned, minority-owned, and underserved businesses."

"The Export-Import Bank is also critical to ensure the U.S. can effectively compete with China. The China and Transformational Exports Program supports U.S. exporters facing competition from China and ensures that we continue to lead in ten transformational export areas, including AI, renewable energy, fintech, and semiconductors."

"By fostering American innovation and expansion into global markets, EXIM enables U.S. companies to go toe-to-toe with foreign rivals, resulting in more exports and more well-paying jobs in cities across the country, rather than overseas."

"Unfortunately, some of my colleagues across the aisle have fought the reauthorization of EXIM, despite historically strong bipartisan support for the bank."

"Eliminating EXIM, as proposed by extremist agendas like Project 2025, will only harm our nation's small businesses and hamper our efforts to compete against China."

Video of Beatty's remarks is available here(link is external).

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