Sanders Joined Republicans in Voting Against American Jobs

The Export-Import Bank is an important part of our global economy, and it helps keep businesses here in America. In fiscal year 2015, the Export-Import Bank supported 1.4 million American jobs and 176 small business in Michigan. In fact, the Ford Motor Company of Dearborn, Michigan was approved for a multi-million dollar loan through the Export-Import Bank.

“Bernie Sanders’ refusal to support the Export-Import Bank just goes to show that he doesn’t understand the complexity of our global economy. The Ex-Im Bank supports American businesses and helps keep jobs here in our country, and Bernie Sanders wants to get rid of it,” said Brad Woodhouse, President of Correct The Record.

“Michiganders know the impact of keeping manufacturing jobs in their own communities, but Bernie Sanders’ votes against job-creating measures like the Export-Import Bank demonstrate, yet again, that his single-issue platform would be a disaster for jobs and businesses here in Michigan and across the country.”

Bernie Sanders a “GOP Ally In Opposing the Export-Import Bank”

Headline: “Bernie Sanders Is GOP Ally In Opposing The Export-Import Bank.” [“Bernie Sanders Is GOP Ally In Opposing The Export-Import Bank,” International Business Times, 10/5/15]

2015: Bernie Sanders was the only member of the Senate Democratic caucus to oppose reauthorization the Ex-Im Bank.  According to the Morning Consult, “On the presidential campaign trail, Sen. Bernie Sanders emphasizes his ideological purity and progressive policies. But when it comes to his opposition to renewing the U.S. Export-Import Bank’s charter, his position runs against the views of liberal voters. Sanders, an independent from Vermont who caucuses with Democrats on Capitol Hill, was the only member of his caucus last month to vote against an amendment that would have helped reauthorize the federal agency before its June 30 expiration. He was joined by 30 other senators – all Republicans. ‘We should not be providing corporate welfare to multi-national corporations through the Export-Import Bank,’ Sanders said in a statement after the June 10 vote. ‘If the Export-Import Bank cannot be reformed to become a vehicle for real job creation in the United States, it should be eliminated.’” According to CQ Floor Votes, On July 27, 2015, Bernie Sanders opposed adoption of the Kirk, R-Ill., amendment no. 2327 to the McConnell, R-Ky., substitute amendment, as modified, that would amend and reauthorize until Sept. 30, 2019 the Export-Import Bank’s charter. Adopted 64-29 : R 22-28; D 41-0; I 1-1.  All Senate Democrats supported the proposal.  [Morning Consult, 7/8/15; HR 22, Vote #256, 7/27/15; CQ Floor Votes, 7/27/15]

2012: Bernie Sanders was the only member of the Senate Democratic caucus to oppose reauthorization of the Ex-Im Bank.  According to the Hill, “Obama praised the reauthorization bill’s passage through Congress. ‘I’m pleased that Members of Congress from both parties have come together to reauthorize the Export-Import Bank,’ Obama said in a statement. ‘This important step will help American businesses create jobs here at home and sell their products around the world — all at no cost to taxpayers.’ The reauthorization also ends an unexpectedly long fight on Capitol that divided the Republican Party. The Export-Import Bank is generally considered a noncontroversial bill, but it came under attack this year from conservatives who argued it was a form of corporate welfare that distorted free trade. The Club for Growth was among the groups that urged Republicans to oppose reauthorizing the bank’s charter. Ninety-three Republicans voted against the reauthorization in the House, and 19 Republicans voted against it on Tuesday. Sen. Bernie Sanders (I-Vt.) also voted against the bill. ‘We need to end the corporate welfare that distorts the market and feeds crony capitalism,’ Sen. Mike Lee (R-Utah) said in a floor speech. Lee sponsored one of the amendments that sought to impose restrictions on the bank.”  According to CQ Floor Votes, On May 5, 2012, Bernie Sanders opposed the passage of the bill that would reauthorize through Sept. 30, 2014 the charter for the U.S. Export-Import Bank. Passed (thus cleared for the president) 78-20 : D 50-0; R 27-19; I 1-1. All Senate Democrats supported the proposal.  [The Hill, 5/15/12; HR 2072, Vote #96, 5/15/12; CQ Floor Votes, 5/15/12]

The Export-Import Bank Supported 1.4 Million American Jobs, Including 176 Michigan Small Businesses

The Export-Import Bank supported 1.4 million private-sector American jobs since 2008, including 109,000 in FY 2015.  By financing the export of American goods and services, EXIM Bank has supported 1.4 million private-sector, American jobs in the past seven years, supporting 109,000 jobs in FY 2015 alone.  [Export-Import Bank of the United States, Annual Report, 2015]

Nearly 90% of the Export-Import Bank’s transactions in FY 2015 supported American small business.  Small business exporters need certainty and protection to tackle new markets, expand and create jobs. In FY 2015, nearly 90 percent of EXIM Bank’s transactions—more than 2,300—directly supported American small businesses.  [Export-Import Bank of the United States, Annual Report, 2015]

Since 2007, the Export-Import Bank supported $11 billion in exports from 237 exporters in Michigan, including 176 small businesses. [Export Import Bank, accessed 3/3/16]

• 2012: The Export-Import Bank approved a $300 million loan guarantee for the Ford Motor Company of Dearborn, Michigan, to support its $8.5 billion in automobile exports.  “Ford Motor Company of Dearborn, Michigan was recently approved by the Export-Import Bank of the United States (Ex-Im Bank) board of directors for a working capital loan guarantee of $300 million. This represents a $50 million increase compared to an existing $250 million guarantee which was approved by the board in 2010 and will expire later this year. Given its success, the new increased Loan Facility will support the Company’s growing sales in existing markets, as well as developing ones. The new guarantee will support growing sales to buyers in Canada and Mexico (markets covered by the existing guarantee), as well as global markets in Asia and South America. This will support U.S. automobile manufacturing jobs and indirectly jobs at Ford’s suppliers for the export of over 200,000 vehicles valued at $8.5 billion.” [Ex Im press release, 6/6/12]

Michigan Democrats support the Export-Import Bank

2015: Michigan’s Democratic Congressional delegation urged Congress to reauthorize the Ex-Im Bank. “Michigan Democrats in Congress are urging Republicans to allow a vote to reauthorize the Export-Import Bank to reopen. The bank’s charter expired on June 30 amid criticism from some Republicans who argue it benefits large businesses. The White House says the bank has helped support 1.3 million private-sector jobs since 2009. The Export-Import Bank guarantees loans to foreign firms to help them buy U.S. exports. Boeing, which builds airplanes, is the largest user of the bank. The White House said the bank helped support $10.1 billion in exports from Michigan since 2009; the state ranked fourth behind Washington, Texas and California. It supported 192 firms in Michigan, including 143 small businesses. The White House said the Export-Import Bank, or ‘Ex-Im,’ ‘is a critical tool in the bipartisan trade agenda that helps U.S. businesses succeed in global markets and grow their exports. Ex-Im equips companies with financing they need to go toe-to-toe with foreign rivals, resulting in more exports and more well-paying jobs in cities and towns here in America, rather than overseas.’ Reps. Brenda Lawrence, D-Southfield; Sander Levin, D-Royal Oak; and Debbie Dingell, D-Dearborn, joined business leaders in Detroit to call for ‘an immediate vote to reauthorize the Export-Import Bank charter before irreparable harm is done to hundreds of Michigan companies and hundreds of thousands of hard-working Americans.’’  [Detroit News, 7/1/15]

• Senator Gary Peters urging reauthorization of the Import-Export Bank stated, “Here in Michigan, the Ex-Im Bank has supported 229 exporter businesses selling $11 billion worth of goods.” “Over its 81-year history, the Ex-Im Bank has enabled American companies to sell their goods in foreign markets and grow their businesses by offering direct loans to businesses to start exporting, working with private lenders to fill gaps in financing and providing insurance to help businesses protect their bottom lines if a foreign buyer fails to pay. Simply put, the Ex-Im Bank helps close deals that would simply never happen without its support. […] Here in Michigan, the Ex-Im Bank has supported 229 exporter businesses selling $11 billion worth of goods to places like Saudi Arabia, Mexico and Canada. This support is particularly important for our manufacturing industry, and the majority of Michigan companies using the Ex-Im Bank are manufacturers of motor vehicles and parts, machinery and chemicals — the backbone of Michigan’s economy. Renewing Ex-Im Bank’s charter is especially critical as Michigan manufacturers fight to compete with countries using extreme and unfair measures, such as direct subsidies or currency manipulation, to boost their own manufacturing sectors. Many of our competitors, including China, Japan, South Korea, Canada and Germany, use their own export credit agencies to boost their countries’ exports. China provided more financing through its export credit agency in the last two years than our own Ex-Im Bank has in its entire history. Without our own Export-Import Bank, American businesses will struggle to compete overseas, and our economy will suffer.”  [Gary Peters, Op-ed., MLive, 7/16/15]