Rep. Randy Hultgren (R-IL) was one of 313 lawmakers who voted Tuesday to reopen the federal government's Export-Import Bank, ending almost four months of closure.
The bank was created by President Franklin Roosevelt in 1934 to finance foreign purchases of American products that would otherwise be difficult to finance through conventional loans. It has been closed since its authorization lapsed July 1.
“I care about retaining and growing manufacturing jobs in my district and I care about employees and working families who need the Export-Import Bank as a lender of last resort," Hultgren said. "Despite claims, these local businesses can’t get financial assistance from other banks to export their products. The Export-Import Bank is the only source of capital for these Illinois small businesses that assume credit risks the private sector is unwilling to accept and plays an important role in the manufacturing renaissance in the 14th District."
The bank has helped create nearly $6 billion of export sales for Illinois business since 2007, Hultgren said. Several local companies, such as Matthews Co. and Miner Elastomer, have used the bank to broker millions of dollars in overseas sales.
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