U.S. Sens. Catherine Cortez Masto, D-N.V., and Mike Rounds, R-S.D., have proposed bipartisan legislation aimed at empowering American businesses in competition with China.
The two senators introduced the Strengthening Exports Against China Act which is intended to level the playing field by removing hindrances for U.S. companies in vital industries such as semiconductors and artificial intelligence, Cortez Masto said Wednesday. A related bill was introduced in the House by Representatives Young Kim and Joyce Beatty.
Elevating American Businesses
Export-Import Bank, or EXIM, is a government agency tasked with creating U.S. jobs by facilitating the export of American goods and services. Its China and Transformational Exports Program, or CTEP, is meant to challenge China’s export subsidies and financing in key areas such as AI, 5G, energy efficiency and semiconductors.
Existing laws, particularly the two percent default rate cap, prevent the CTEP program from scaling up and aiding businesses against their Chinese counterparts, the senators argue. The Strengthening Exports Against China Act will remove the default rate cap, allowing the CTEP to support American exporters.
Sen. Cortez Masto, stated, “My bipartisan legislation will support more American businesses directly competing with China to help them make breakthroughs in AI, critical mineral mining and processing and other transformational areas.”
Sen. Rounds added, “The Strengthening Exports Against China Act would allow the Export Import Bank to increase export financing and insurance support to U.S. firms that export products in direct competition with China.”
