Manufacturers: Congress must focus on long-term reauthorization of the Ex-Im Bank
Businesses Need Certainty from Congress
Washington, D.C., 09/17/14 – Following House passage of a continuing resolution that temporarily reauthorizes the Export-Import (Ex-Im) Bank, National Association of Manufacturers (NAM) Vice President of International Economic Affairs Linda Dempsey issued this statement:
“The House acted today to keep the Ex-Im Bank open past September 30. The bad news is that this extension does nothing to provide manufacturers and small businesses with the certainty they need to compete in a global economy. Simply put, Congress’s work is far from over. Until a long-term reauthorization is enacted, U.S. exporters will be forced to operate under a haze of uncertainty that hurts job growth and only bolsters our foreign competitors.
Countries around the world are not debating whether to provide export financing—they know, as we do, that exports are a critical driver of manufacturing growth. According to a recent NAM study, the world’s nine-largest foreign export credit agencies support their exporters with nearly half a trillion dollars in export financing, so the lack of a long-term reauthorization of the Ex-Im Bank weakens U.S. global competitiveness and continues to put U.S.-manufactured goods exports and manufacturing growth and jobs at risk.
For the thousands of small business users that rely on the Ex-Im Bank to help propel their exports overseas, manufacturers will continue to push for a long-term solution, and we will vigorously oppose any efforts to eliminate the bank down the road.”
The NAM serves as co-chair of the Exporters for Ex-Im coalition, which represents small, medium and large Ex-Im Bank users across the country. To read more about the coalition and how the Ex-Im Bank has created jobs and increased exports across the country, click here.