Improved Export Financing Is Vital to Job Creation and Manufacturers’ Competitiveness
Manufacturers Call on Congress to Reauthorize Export-Import Bank
National Association of Manufacturers (NAM) President and CEO Jay Timmons issued this statement following President Obama’s remarks on export financing at the Boeing Company’s facility in Everett, Wash.:
“We welcome the steps President Obama has laid out today to help manufacturers double exports. Manufacturers hope the strengthened Export Promotion Cabinet will drive additional reforms to our export control system and call for the negotiation of additional free trade agreements to open more markets for our exports. Right now, there are dozens of free trade agreements being negotiated around the world and we are party to only one. If we are going to double exports and create jobs, manufacturers need Washington to level the playing field – starting with reauthorizing the Export-Import Bank immediately.
To continue to create jobs and improve manufacturers’ competitiveness, we must do more to increase exports. With 95 percent of the world’s consumers living outside the United States, finding new markets for manufacturers is paramount to jobs and economic growth.
Manufacturers need tools from Washington that level the playing field to compete globally and reach the goal of doubling exports by 2014. Congress needs to start now by reauthorizing the Export-Import Bank quickly and expanding its nearly-exhausted lending ceiling. Last year alone, the Bank supported 290,000 American jobs that we can’t afford to lose – and at no cost to the taxpayer. Since 2005, the Bank has returned more than $3 billion to the U.S. Treasury. If the Bank is not reauthorized and the lending cap increased, the competitiveness of thousands of small and medium-sized businesses will be adversely impacted and we will lose out to our competitors, hurting job growth and our economy.”
For additional information about the Export-Import Bank please visit www.nam.org/exim