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Terry McAuliffe on Free TradeDemocratic nominee for Governor; previously DNC Chair |
I am pleased to announce that our efforts are paying off. For the first time in the history of Virginia, agriculture and forestry exports exceeded $3 billion dollars in 2014.
But if we are going to continue our momentum, we must invest in smart incentive funds like the Governor's Opportunity Fund and the Agriculture and Forestry Industries Development Fund. These tools make Virginia competitive in a global economy, and they provide a real return on investment: for every $1 we invest, we receive $9 in budget revenue in return.
The Port, which was losing millions and failing to meet its debt covenants this time last year, is finally on track to become the profitable economic asset this Commonwealth needs.
Write New Rules for the Global Economy
The rise of global markets has undermined the ability of national governments to control their own economies. The answer is neither global laissez faire nor protectionism but a Third Way: New international rules and institutions to ensure that globalization goes hand in hand with higher living standards, basic worker rights, and environmental protection. U.S. leadership is crucial in building a rules-based global trading system as well as international structures that enhance worker rights and the environment without killing trade. For example, instead of restricting trade, we should negotiate specific multilateral accords to deal with specific environmental threats.
Press release on Letter from 31 Governors to House Republican leaders:
We urge you to reauthorize the Export-Import Bank (Ex-Im) before its charter expires this year. In its role as the official export credit agency, Ex-Im is a vital export finance tool for exporters in our states, at no cost to American taxpayers.
Ex-Im allows our companies and workers to compete on a level playing field against our competitors. Without Ex-Im financing, US firms would have lost many sales campaigns to their overseas competitors.
Reauthorizing Ex-Im is the right thing to do for our economy, companies and workers. 41 GOP lawmakers and 865 business organizations have called for the charter's immediate renewal. And, House Democrats have already introduced legislation to reauthorize the bank. Speaker Boehner, it's time to act; quit jeopardizing the nation's economy and American jobs.
Argument in opposition from FreedomWorks:
As governors of states whose economies and workforces depend on exports, we strongly urge Congress to support legislation that provides for the long-term reauthorization of the U.S. Export-Import Bank (Ex-Im Bank) before its charter expires on June 30, 2015. The Ex-Im Bank is a crucial tool that both small and large businesses use to compete fairly in the world market, increase their exports, stimulate job creation, and contribute to the growth of our states' economies.
As the official export credit agency of the United States, the Ex-Im Bank assumes the credit and country risks that private sector lenders are unable or unwilling to accept, and without it, U.S. firms would lose many sales to overseas competitors. The Ex-Im Bank allows our companies and workers to compete on a level playing field against international competitors who receive extensive support from their own export credit agencies.
In 2014, the Ex-Im Bank supplied more than $20 billion in financing to support approximately $27 billion in exports. In that same fiscal year, the Ex-Im Bank supported more than 160,000 American jobs. And the overwhelming majority of the Ex-Im Bank's transactions--nearly 90 percent--assisted small businesses.
The Ex-Im Bank is financially self-sustaining, and operates at no cost to hard-working American taxpayers. In fact, in fiscal year 2014 alone, the Ex-Im Bank returned approximately $675 million in deficit-reducing receipts to the U.S. Treasury.
Last year, Congress reauthorized the Ex-Im Bank [for one year]. It is essential that both chambers act again, this time to pass a long-term, multi-year reauthorization.
