BRISTOL— Today at 10:45 a.m., U.S. Secretary of Commerce Penny Pritzker will join U.S. Senator Chris Murphy (D-Conn.) on a press conference call to highlight the importance of the Export-Import Bank (Ex-Im) to Connecticut manufacturers, reported a press release from Murphy.
Following the call, Murphy will tour Bauer, Inc., an aircraft tooling manufacturer that uses Ex-Im Bank financing to do business abroad, at 175 Century Dr., Bristol
Ex-Im Bank is an independent federal agency that creates and maintains U.S. jobs by filling gaps in private export financing at no cost to American taxpayers, said Murphy’s release. The bank provides a variety of financing mechanisms, including working-capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services. In the past fiscal year alone, Murphy’s release reported, Ex-Im Bank earned for U.S. taxpayers more than $1 billion above the cost of operations. In Connecticut, Ex-Im Bank supports $2 billion in exports by 103 exporters across the state, putting Connecticut in the top twenty states most heavily supported by Ex-Im Bank.
Increasing U.S. exports is critical to job creation and economic growth, which is why export promotion is a top priority for the Department of Commerce, said the senator’s press release. U.S. exports have increased $700 billion since 2009, reaching an all-time high of $2.3 trillion in 2013. Exports now support 11.3 million U.S. jobs, up 1.6 million since 2009.
During the conference call, Pritzker and Murphy and Lou Auletta, president and CEO of Bauer, Inc., will discuss the importance of reauthorizing the Ex-Im Bank and how companies would be impacted if the bank ceased to receive federal support.