Guam Included in New Office of Territorial Exporting

October 30, 2019
Press Release

In a hearing of the Financial Services Committee to reauthorize and enhance the Ex-Im Bank, language was included to create the Office of Territorial Exporting.

The Office of Territorial Exporting will be a dedicated office in the Ex-Im Bank to facilitate Territory access to a pool of up to 175 million dollars annually to finance and guarantee export-oriented businesses.

Congressman San Nicolas amended the language to ensure that Guam, the Commonwealth of the Northern Mariana Islands (CNMI), American Samoa, and the U.S. Virgin Islands (USVA) had a dedicated liaison in this office, focusing entirely on securing resources from the $175mm pool to grow Guam, the CNMI, American Samoa and USVA export-import industries.

"To reduce poverty we must create opportunities and lower the cost of living. More job growth raises wages for everyone, and developing our export capacity will accomplish this," opened Congressman San Nicolas. "Exports will also lower our shipping costs and cost of living with the addition of outbound cargoes and higher shipping volumes," Congressman San Nicolas added. 

"With this new language private industry will have dedicated federal support - an actual individual - who's job will solely be to help local businesses access $175 million in federal export-import financing," Congressman San Nicolas continued.

"I am deeply humbled by the statements and support of both our Chairwoman Maxine Waters, and Republican Ranking Member Patrick McHenry, both of whom expressed their full support for the Territory cause," Congressman San Nicolas concludes.