Ex-Im Bank Supports 244 Illinois Businesses and 205,000 American Jobs Nationwide; Boeing is One of Illinois’ Largest Employers, Faces Unfair Chinese Competition
ST. LOUIS, Mo.–(ENEWSPF)–September 5, 2014. U.S. Senator Mark Kirk (R-Ill.) visited The Boeing Company today, along with Jim O’Neill, President of Global Services and Support and St. Louis Senior Executive for Boeing, and Randell Gelzer, the Director of State and Local for Boeing’s Central Region, to discuss the importance of reauthorizing the Export-Import Bank. The bank supports The Boeing Company, which is one of Illinois’ largest employers and is currently headquartered in Chicago. The bank’s authorization currently expires on September 30th. Senator Kirk and Senator Joe Manchin (D- W.V.) have introduced legislation to reauthorize the Export-Import Bank through 2019.
“Illinois companies like Boeing are facing unfair competition from countries like China, who is dumping $29 billion into developing the C919- the Chinese jetliner that seeks to crush American aviation competition,” Senator Kirk said. “I want to make sure that when an American flies, they fly in a plane made in America, not one made in China.”
The Export-Import Bank supports 244 Illinois businesses, like Boeing, and operates with no cost to the taxpayer, and in 2013 the bank returned more than $1 billion to the U.S. Treasury.
“We have to keep Illinois companies like Boeing competitive in this global economy, where other countries play by their own set of rules,” said Senator Kirk. “A swift reauthorization by Congress is a no-brainer.”
Established in 1934, the Export-Import Bank is an export credit agency through the federal government, which guarantees loans and credit to businesses otherwise unable to operate through private lenders. The Kirk-Manchin legislation would require the Bank to submit reports to Congress detailing its business plan and risk exposure and ensure the Bank’s loan-loss ratio is less than two percent for any quarter in that fiscal year.
Nearly 90 percent of Ex-Im’s transactions each year directly benefit small businesses, and nationwide the bank supports more than 205,000 American jobs. The top Illinois companies supported by Ex-Im are The Boeing Company, CNH Industrial America and Caterpillar.
Jim O’Neill, President of Boeing’s Global Services and Support, oversees a team of more than 15,000 employees in more than 295 places around the world. He has been with The Boeing Company for more than 30 years. Under O’Neill’s leadership, Global Services and Support has become the U.S. Department of Defense’s largest performance-based contractor. During his time as manager of Boeing’s tanker program, Boeing introduced the world’s most advanced aerial-refueling tanker, the KC-767.
Source: kirk.senate.gov
