Yesterday, the House Financial Services Committee held a hearing on the U.S. Export-Import Bank. During the hearing, Congressman Patrick McHenry (NC-10), the Republican Leader of the House Financial Services Committee, highlighted the importance of reforms and modernization so the Ex-Im Bank can continue to serve as a tool to both promote job creation and combat China’s growing threat towards U.S. companies. Click here or on the image below to watch Congressman McHenry's opening statement.

Congressman McHenry went on to raise concerns with the technological advancements that have been financed by China, specifically 5G technology and the actions taken by Huawei. McHenry asked what steps can be taken to promote U.S. companies’ competitiveness to prevent China from setting the network standards for the future. Click here or on the image below to watch Congressman McHenry's questioning.

Background: In January, Congressman McHenry requested the Financial Services Committee hold a hearing on the Ex-Im Bank to examine the role of the Bank in the global competitiveness of U.S. companies and job creation. McHenry went on to establish a working group with Republican committee members to combine Ex-Im reform priorities.