WASHINGTON, DC- During a Foreign Relations Committee hearing today on the State Department budget, U.S. Senator Bob Casey (D-PA), chairman of the Senate Foreign Relations Subcommittee on Near Eastern and South and Central Asian Affairs, highlighted funding in the budget that promotes U.S. exports and businesses abroad. Secretary of State Hillary Clinton testified before the Committee.
“It may not receive a lot of headlines, but I think it is important for American taxpayers to know what their investment in the International Affairs budget means for improving the domestic job market and what benefits they reap from helping to build stable societies and markets overseas,” said Senator Casey. “The Export-Import Bank alone has financed $3 billion in exports from Pennsylvania since 2005. The International Affairs Budget funds are critical to promoting U.S. exports, protecting intellectual property rights and advocating for American businesses abroad. I am pleased that Secretary Clinton and President Obama realize the important assistance they can provide to promote U.S. companies and products overseas. And I appreciate Secretary Clinton’s remarks today supporting continued and expanded efforts to promote U.S. companies and products to create jobs in Pennsylvania and around the country.”
Since 2005, the U.S. Export-Import Bank, which is funded through the international affairs budget, has financed $3.06 billion in exports from Pennsylvania supporting 223 companies in 112 communities.
Also funded under this budget, the U.S. Trade and Development Agency promotes economic growth in developing and middle-income countries, while simultaneously helping American businesses to export their products and services.
Additionally, the Overseas Private Investment Corporation (OPIC) is an independent U.S. government agency that assists U.S. companies by providing financing (from large structured finance to small business loans), political risk insurance and investment funds. OPIC complements the private sector in managing risks associated with foreign direct investment and supports U.S. foreign policy.
The international affairs budget is economically beneficial in other ways as well. USAID has granted millions of dollars in funding to projects administered by 21 Private Voluntary Organizations (PVOs) in Pennsylvania.
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