The Poughkeepsie (NY) Journal (8/12, Cusumano) reports that supporters of the Export-Import Bank have been explaining how business in New York will have a tough time expanding into overseas markets if Congress does not reauthorize the Bank. The exporters who benefit from the Bank in the mid-Hudson Valley are mainly “Smaller manufacturers that supply big exporters,” explained one business spokesperson. All six House Republicans and all the Democrats from the state support the Bank’s reauthorization and point out that other countries have a similar Bank that provides funding. “Our trading partners have larger export credit agencies and are growing them to boost their exports much more than the United States,’’ NAM President and CEO Jay Timmons recently said to reporters. “To win in the global marketplace, we simply can’t let a political purity test trump pragmatic competitiveness and policies. The fact is, businesses need export credit assistance in the 21st century economy.’’
The Dallas Business Journal (8/13, Subscription Publication) reports in its “DBJ Confidential” blog that Ex-Im Chairman and President Fred Hochberg visited two manufacturers in the Dallas-Fort Worth area “to illustrate that the bank’s impending closure isn’t just a pain on Capitol Hill, but has potential ramifications for the region” which people in the area should be concerned about. One manufacturer described how the Bank allowed them to stay open during the recession, adding jobs to the region. Hochberg emphasized that to the Bank, “size doesn’t matter – Ex-Im impacts companies big and small” regardless of their location in the US. The blog emphasizes that the Bank’s closure could mean that many North Texas companies could “lose valuable sales” and “take hits from which they won’t be able to recover.” Hochberg said he believes Congress will renew the Bank.
The Hill (8/13, Cirilli) reports that House Minority Whip Steny Hoyer (D-MD) called members of the GOP who oppose the Export-Import Bank’s renewal “unrealistic” on Tuesday. Hoyer has been pushing reauthorization as part of House Democrats’ “Made in America Agenda” promoting manufacturing initiatives. “In one form or another, we’ll get it through,” Hoyer said in reference to the Bank’s renewal. “Every [House] Democrat is prepared to vote for it. … The Democratic Party is united on this.”
KING-TV Seattle (8/13, Farley) reports that US Trade Representative Michael Froman toured Boeing’s plant in Everett, Washington, on Tuesday. Froman is “concerned about the future of American exports because of political battles over the” Ex-Im Bank. “Our competitors around the globe are much more aggressive than we are, about providing trade finance assistance,” Froman said in an interview. Rep. Rick Larsen (D-WA) added his frustrations that the Bank isn’t on the House agenda this summer, and adds that he thinks reauthorization would pass the House if brought to a vote.