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Washington, D.C. – The Senate Banking Committee should consider how Export-Import Bank policy could hurt soda ash producers in Sweetwater County and other industries in the U.S. as it debates renewal of legislation that makes the Ex-Im Bank possible, according to U.S. Sen. Mike Enzi, R-Wyo.

“The Bank is currently reviewing an application to finance the export of refurbished locomotives to a soda ash facility in Kenya. I am strongly opposed to this application. If approved, U.S. taxpayers will be subsidizing a soda ash facility overseas that will be in direct competition with domestic soda ash producers,” said Enzi, a senior member of the Senate Banking Committee. “Some American businesses need Export-Import Bank funding to expand our nation’s export ability, but some loans are counterproductive. To determine the effects of a loan, the Bank needs to consider what happens past the life of the loan.”

Enzi said under the African locomotive deal, the Bank will only review the costs associated with increasing global production of soda ash over six years, the life of the loan in question.

“It is clear that refurbished locomotives can be used for far longer than the six year period. By limiting the economic impact period to the life of the loan, the Bank is giving its economic support to projects that in the long run will have a detrimental impact on the U.S. economy. This practice must change,” Enzi said.

Enzi’s comments were recorded at a recent Senate Banking Subcommittee on International Trade and Finance Hearing on U.S. Export-Import Bank Reauthorization last week.

The Export-Import Bank is the official export credit agency of the United States. It is designed to help American businesses export U.S. products world-wide, improving the U.S. economy and trade balance.