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Warner: Export-Import Bank supports Va. port jobs

By WTOP Staff

BROCK VERGAKIS
Associated Press

NORFOLK, Va. (AP) — Democratic U.S. Sen. Mark Warner says the U.S. Export-Import Bank helps support thousands of jobs in Virginia and needs to be reauthorized.

Warner made his comments Monday during a campaign event in Norfolk, where he said the bank helps ensure cargo moves through the state’s port terminals.

The Ex-Im Bank provides loans, loan guarantees and credit insurance to overseas buyers of U.S. goods. Its charter expires in September, and without legislation it would be unable to back new loans.

Warner’s Republican rival, Ed Gillespie, opposes reauthorizing the bank.

With longshoremen standing behind him, Warner said the bank helps support 10,000 port-related jobs.

He also noted that nearly 100 Virginia-based companies throughout the state have had their export activity financed by the bank.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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