Kind: Ex-Im Bank grows jobs at home
In Wisconsin, dairy and other industries rely on exports that Ex-Im helps enable.
In August, I had the honor of welcoming two national leaders to Wisconsin who work closely with the President on setting economic policy on a global scale: the United States Trade Representative, Ambassador Michael Froman and the chairman of the Export-Import (Ex-Im) Bank, Fred Hochberg.
These leaders were here to talk about the fundamental importance of expanding markets for American-made products and keeping our country at the forefront of the global economy. Domestic companies need to look abroad if they want to grow, and if we're going to strengthen and grow the middle class of our own country, we've got to be selling to the growing middle class overseas.
Froman and I met with local businesses and labor leaders from around the state, discussing how the Obama administration's trade policy can benefit Wisconsin's economy and talking about about how trade deals can elevate working standards both here and abroad. We later toured a dairy farm and had a discussion with dozens of local farmers about the important role exporting plays in Wisconsin's agriculture economy.
Hochberg and I held a town-hall discussion where small and mid-sized businesses engaged directly with the Ex-Im Bank, which helps U.S. manufactures by providing financing for companies to sell their products to foreign customers (at no cost to American taxpayers). Hochberg and I also met with local employers and later toured Inland Label, a Wisconsin small business that exports to countries worldwide and has benefited from Ex-Im's services. We also both visited W.S. Darley and Co. in Chippewa Falls, a local business that makes fire trucks, pressure pumps and water purification equipment. They just shipped 32 fire trucks to Nigeria and are getting ready to export 15 more to China with the help of the Ex-Im Bank.
Both leaders presented strong cases for why exports are critical to the long-term economic health of Wisconsin businesses. Tens of thousands of jobs are supported by Wisconsin exports. The value of Wisconsin exports for all commodities totaled $23 billion in 2013, and our agricultural exports totaled $3.2 billion to 132 countries. In 2012, Wisconsin exported $724 million worth of dairy products (14 percent of all American dairy exports). And the Ex-Im Bank has helped 112 Wisconsin small businesses since 2007 — last year alone the Ex-Im Bank programs supported some 205,000 American jobs, while providing a $1 billion profit to reduce the federal deficit.
Expanding markets for goods and commodities made in Wisconsin and renewing support for the Ex-Im Bank are two important items that Congress and the president need to address. My focus is on pushing the Obama administration to negotiate fair trade deals that that will create Wisconsin jobs, raise labor and environmental standards, and reinforce America's standing in the world. We currently have a trade surplus in agriculture, manufacturing and services with countries that have trade agreements with the U.S., but there is great potential for even more growth.
If you are a small business owner or entrepreneur interested in exporting, I encourage you to visit the Ex-Im Bank's website to learn how you can access new markets and expand your reach. Visit /smallbusiness/smallbuscust, or for general information visit their main page at .
America is the most innovative and creative country in the world. When consumers around the world see a "Made in the U.S.A." label, they know they've bought a durable, reliable product. Froman and Hochberg came to Wisconsin because our farmers, workers and businesses epitomize that commitment to quality. I will continue to promote policies that create new markets and opportunities for our local communities to build a strong economic future.