SCHENECTADY, N.Y. – Senator Charles Schumer said the Export-Import Bank is a driver of economic growth and jobs and is pushing to preserve the bank.
According to the Senator, the bank supports thousands of jobs and over $1 billion in sales for companies in the Capital Region.
Senator Schumer says the Export- Import bank provides financing to foreign companies to encourage them to purchase U.S. goods, like products from GE.
The Export-Import Bank is set to expire in two months. According to the Senator if Congress does not act, the dozens of companies in the Capital Region who rely on the bank to export their products will run into disaster.
"The Export-Import Bank is crucial to us continuing to grow good paying manufacturing jobs, here in upstate New York. Now all of a sudden some people want to cut it, it's not that they want to do it for deficient purposes because the Export-Import bank doesn't even give money to these companies," said Schumer.
On Monday, Senator Schumer will be joined by the CEO of GE to push Congress to vote to reauthorize the export import bank before it expires at the end of September.