Today, the United States House of Representatives voted on H.R. 597, the Reform Exports and Expand the American Economy Act, which passed by a vote of 313-118. Congressman Randy Weber (R-Friendswood) made the following statement:

“With every vote comes the same question --How will the legislation impact our national debt, economy, job creators and the hardworking families I represent? The vote to reauthorize and reform our nation’s export credit activities was no different. In my district alone, federal export credit returns money to the U.S. Treasury, while directly supporting as much as $42 million in exports, 21 small and medium-sized businesses, and over 200 jobs. This does not even include the jobs provided by countless small businesses who are suppliers to other American exporters.

The world in which we live does not foster a level playing field in the global marketplace. Many American companies are required to have export credit backing to successfully compete for business overseas. As I’ve said in the past – if we don’t act, China will. When export credit programs lapsed at the end of June, we saw some companies shift jobs overseas to countries that were able to provide this support.

Congress must provide much needed reform to federal export credit programs without unilaterally ending a powerful tool for American exporters. H.R. 597 moves us in the right direction, but our work is not finished. I will continue looking for ways to strengthen oversight and accountability to ensure U.S. jobs and taxpayers are protected, while remaining globally competitive.”  

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