Both of my current Senators are marching backwards in the wrong direction to the wrong drummer boy. As an example, this letter could have been in George Orwell’s “1984” but it’s not 1984’s “Newspeak” … it’s 2014 and it’s blatant support of genocide by denying funding for electric power plants in third world countries where coal is abundant.
EDWARD J. MARKEY
218 RUSSELL SENATE OFFICE BUILDING
United States Senate
August 15, 2014
Thank you for contacting me about the reauthorization of the Export-Import Bank. It was good to hear from you about this issue.
As you know, the Congress is debating whether to renew Export-Import Bank of the United States, the charter of which is set to expire on September 30 of this year. I am working with my colleagues in the Senate toward common sense legislation that will reauthorize the Export-Import Bank, protect Massachusetts small businesses and create the jobs needed to grow our nation’s economy that helps and drive commerce.
The Export-Import Bank is an independent federal government agency and the official export credit agency (ECA) of the United States. Originally authorized under an executive order by President Franklin Delano Roosevelt in 1934, the bank is key to growing our manufacturing sector and increasing the number of good, middle-class jobs. The Export-Import Bank helps finance Massachusetts and American exports of manufactured goods and services when alternative financing is not available. Many other countries, including China and Germany, have similar agencies that are directly backed by their governments, and we need the Export-Import Bank to ensure that U.S. companies are able to complete with their foreign competitors on an even playing field. The main programs are direct loans, loan guarantees, working capital finance, and export credit insurance.
The Export-Import operates under a renewable charter, which was last renewed by Congress in 2012. Because the bank supports American business and grows American jobs, I believe the Export-Import Bank should be reauthorized.
However, it is critical that the reauthorization of the Export-Import Bank does not have any serious negative consequences for the American public or the environment. As you know, Senator Manchin of West Virginia has circulated draft legislation that includes financing provisions that would roll back the Export-Import Bank’s new policy aimed at limiting funding for carbon pollution emitting overseas coal power plants. I share your concern over these provisions and will continue to monitor this situation.
Global climate change presents one of the gravest threats to our planet’s health, and to our Commonwealth’s and the nation’s economy, national security, and public health. President Obama and EPA Administrator McCarthy put forward a historic proposal to cut heat-trapping carbon pollution from America’s existing power plants. This plan will help create jobs and cut the pollution that threatens our health, our environment, and our future. Massachusetts is already a leader in developing and deploying clean energy technology and these new rules will increase the demand for businesses in our state. I look forward to working with the administration and my colleagues to protect the President’s authority to reduce carbon pollution and take further action on climate change.
Edward J. Markey
United States Senator