Full Text of HR0385 101st General Assembly
HR0385 101ST GENERAL ASSEMBLY |
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| 1 | | HOUSE RESOLUTION
| 2 | | WHEREAS, The Export-Import Bank was founded in 1934 amid | 3 | | the Great Depression to help struggling exporters in the United | 4 | | States facilitate international trade; and
| 5 | | WHEREAS, At the time, President Franklin D. Roosevelt saw | 6 | | that U.S. exporters were desperate for overseas customers; | 7 | | foreign markets lacked sufficient capital to finance | 8 | | international trade; and
| 9 | | WHEREAS, Ever since, the Export-Import Bank has subsidized | 10 | | loans and loan guarantees in addition to capital and credit | 11 | | insurance to benefit U.S. exporters; and
| 12 | | WHEREAS, While obscure to most Americans, The | 13 | | Export-Import Bank is the object of protracted debate in | 14 | | Congress, as the expiration of its charter quickly approaches | 15 | | on September 30, 2019; and
| 16 | | WHEREAS, For several years, the Export-Import Bank has been | 17 | | without a fully-functioning board, which suspends its ability | 18 | | to approve deals worth more than $10 million; and
| 19 | | WHEREAS, The lack of a fully-functioning Export-Import | 20 | | Bank is harmful to Illinois' economy in that Illinois-based |
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| 1 | | companies, including Boeing, Caterpillar, and John Deere are | 2 | | some of its largest customers; and
| 3 | | WHEREAS, To this end, the lack of a fully-functioning | 4 | | export credit agency to compete with other countries around the | 5 | | world translates into lost trade opportunities and significant | 6 | | job losses for Illinois; and
| 7 | | WHEREAS, More than 100 other export credit agencies across | 8 | | the globe provide export support to their national companies; | 9 | | as of 2017, the export credit agencies of Japan and Korea had | 10 | | $187 billion in medium and long-term exposures; Canada, | 11 | | Germany, France, Italy, and the United Kingdom had $306 | 12 | | billion; China had an estimated $363 billion; by comparison, | 13 | | the Export-Import Bank has an exposure of approximately $70 | 14 | | billion, about one dollar for every five of China's; therefore, | 15 | | be it
| 16 | | RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE ONE | 17 | | HUNDRED FIRST GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that | 18 | | that we strongly encourage Congress to pass a long-term | 19 | | reauthorization of the Export-Import Bank before its charter | 20 | | expires on September 30, 2019; and be it further
| 21 | | RESOLVED, That a suitable copy of this resolution be | 22 | | delivered to the members of the Illinois congressional |
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| 1 | | delegation.
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