Press Release of Senator Crapo
CRAPO: U.S. MUST BE CAUTIOUS WITH FOREIGN LOANS
Ex-Im Bank announcement today puts DRAM, steel on sensitive sector list
Contact: Susan Wheeler
Washington, DC - Idaho Senator Mike Crapo is pleased with an announcement today by the Export-Import (Ex-Im) Bank, which underscores the need to approach investment decisions that could affect sensitive U.S. commercial industry. Specifically, the announcement today reaffirms the concern that Crapo has consistently held, particularly that the Ex-Im Bank support transactions that not only help U.S. exporters, but also do not negatively impact domestic companies.
The Export-Import Bank Reauthorization Act of 2006 (P.L.109-438) required the Ex-Im president, Jim Lambright, to submit to the Senate Banking and House Financial Services committees a list of sensitive commercial sectors and products for which financing is deemed unlikely because financing could adversely impact the U.S. economically. Steel and DRAM are on that list. The announcement means that Micron, an Idaho-based DRAM producer, is part of the list and classified as a sensitive commercial product. Therefore, any future considerations regarding loans involving DRAM must be carefully reviewed for adverse effects to the U.S. economy. Crapo said, "I applaud Lambright's decision, as it confirms my position that the U.S. government should be very cautious before providing any financial support for foreign DRAM manufacturers. The DRAM industry is important to U.S. economy for investment and manufacturing jobs. The Ex-Im Bank should not do anything that could potentially add over-supply to this key U.S. industry."
Steve Appleton, Chairman, CEO and President of Micron Technology, Inc., said, "We are pleased that today's announcement takes into account the concerns that Senator Crapo has consistently brought to attention. This is a great outcome for Micron and Idaho, and we applaud Senator Crapo for his dedication and leadership on this important matter. The announcement significantly improves the economic impact analysis process required to determine whether a loan from the U.S. Export-Import Bank will harm a U.S. industry."