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USVI governor joins 30 other chief executives in urging Congress to reauthorize Ex-Im Bank
Published on July 17, 2014 Email To Friend    Print Version

ST THOMAS, USVI -- On Tuesday, US Virgin Islands Governor John de Jongh joined with a bipartisan group of governors in sending a letter to congressional leaders urging swift action to reauthorize the US Export-Import (Ex-Im) Bank, whose charter expires in September.

Governor John de Jongh
The Ex-Im Bank is the official credit export agency of the United States, charged with assisting in financing the export of American goods and services to international markets.

More than 90 percent of US exports are privately financed. But in many cases private lenders are unable or unwilling to take on credit risks or enter unfamiliar markets. And in these cases, Ex-Im can provide loans, loan guarantees, or insurance to worthy businesses to promote exports and assist growth.

In 2013 alone, Ex-Im financed over $34 billion in exports and supported approximately 205,000 American jobs. Financing from the bank allows American businesses to compete fairly against foreign competitors who receive trade financing from their national export credit agencies.

In addition to those who signed the letter, led by Governors Jay Inslee (D-WA) and Robert Bentley (R-AL), six other governors have written individually to congressional leaders requesting action to reauthorize the bank, bringing the total number of governors who have publicly called for reauthorization to 37.
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