Leaders from several U.S. energy companies met in Washington, D.C. to support a long-term reauthorization of the U.S. Export Import Bank, which is currently set to expire in June 30, 2015. Nearly 800 CEOs, Presidents, Executives, and other industry leaders from Houston, Texas were in attendance to lend their support.
The Export Import Bank is the official credit agency of the United States and provides export financing that is otherwise unavailable to many exporters. It incurs no cost to American taxpayers, yet has the potential to generate an estimated $14 billion of profit to taxpayers over the next 10 years, according to the U.S. Congressional Budget Office. Many industrialized countries have their own version of the Export Import Bank dedicated to promoting exports.
Many businesses in the United States, both large and small, rely on the Ex-Im Bank to finance their exports. In Texas, the nation’s top exporting state and largest user of the Ex-Im Bank, the bank has helped over 1,000 companies finance $19 billion in exports.
As of February 28, 2015, Texas signatories in support of reauthorization of the Ex-Im Bank included 182 companies with over 60,000 employees, 49 chambers and economic development groups with nearly 30,000 members combined, and several individuals across Texas. Included among these supporters is Ionel Nechiti, President of Platform Management. For two days ending February 25, Ionel was among the many individuals to meet with nearly 400 of the 535 Members of Congress.
Ionel represented Platform Management companies Cooper Valves, Major Incorporated, and Safer Systems to strategically align the participation of these companies as a co-sponsor with General Electric.
As an individual, your opinion matters. There are various ways to participate, and for your voice to be heard. If you are a Texas resident, you can take a few seconds to sign the Texas Ex-Im Support Letter at https://www.surveymonkey.com/s/TXExImLetter.
For more information, please visit the U.S. Export Import Bank website at: http://www.exim.gov. If you have any questions regarding this matter, please feel free to contact Ionel Nechiti (email@example.com).