Congresswoman Elaine Luria (VA-02) voted Friday to reauthorize for ten years the Export-Import (Ex-Im) Bank, which supports American workers by financing the export of American-made goods from companies nationwide, including small businesses.
Specifically, the bill increases the bank’s lending authority from $135 billion to $175 billion by 2026. The bill creates new programs to help connect foreign buyers with U.S. exporters and strengthens the bank’s support for small businesses.
“Reauthorizing the Export-Import Bank is good for our Commonwealth and nation,” Congresswoman Luria said. “The bank helps small businesses thrive in global markets, and it allows America to remain a manufacturing powerhouse. The bank’s growth also could spur new business for U.S. flag vessels, which is essential to our Hampton Roads economy. I’ll keep fighting for Virginia workers to ensure this critical legislation gets signed into law.”
According to the Ex-Im Bank, there are Ex-Im-supported exporters located in Virginia’s Second Congressional District. The Ex-Im Bank has provided $38 million in financing and insurance to these exporters. Including Ex-Im-supported businesses located in Virginia’s Third and Fourth Congressional Districts, the total value to Hampton Roads in export support rises to $105.9 million since 2014.
The House passed today’s reauthorization bill with a bipartisan vote.
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