Sacramento, California - The Assembly Committee on Jobs, Economic Development and the Economy (JEDE Committee), chaired by Assemblymember Eduardo Garcia, passed AJR 14 (Chu) on a unanimous and bipartisan vote of 8 to 0. AJR 14 formally expresses the Legislature's support for the reauthorization of the Export-Import Bank of the United States (Ex-Im Bank). The Ex-Im Bank's charter is set to expires on June 30, 2015.
"It was important for the committee to act today,” said Assemblymember Garcia, who chairs the JEDE Committee. “International trade offers unique growth opportunities for California businesses. The Ex-Im Bank plays a vital role in helping businesses, especially small businesses, access foreign markets."
The Ex-Im Bank's mission is to assist U.S. companies in exporting goods and services to international markets. The Ex-Im Bank provides a variety of financial products designed to fill gaps in private export financing. The Ex-Im Bank operates at no cost to American taxpayers.
The Ex-Im Bank has benefited California’s economy and business development. Between 2012 and 2015, $7 billion in financial authorizations went to 704 California exporters, which supported $14 billion in exports. Of those exporters, 533 were small businesses, 90 were minority-owned businesses, 63 were women-owned businesses, 10 were businesses in renewable energy, and 34 were environmentally beneficial.
The bill was supported by a range of business groups including, but not limited to:
- California Chamber of Commerce
- California Manufacturers and Technology Association
- El Centro Chamber of Commerce and Visitors Center
- Indio Chamber of Commerce
- LAX Coastal Chamber of Commerce
- Long Beach Area Chamber of Commerce
- Orange County Business Council
- Palm Desert Area Chamber of Commerce
- San Diego Regional Chamber of Commerce
- Southwest California Legislative Council
AJR 14 will next be heard on the Assembly Floor in early June 2015.