Manufacturers: Export-Import Bank Supports Jobs
Urge Congress to Reauthorize and Increase the Bank’s Lending Limit to Boost Competitiveness
National Association of Manufacturers (NAM) President and CEO Jay Timmons issued this statement urging senators to support the amendment offered by Sens. Cantwell (D-WA), Johnson (D-SD), Graham (R-SC) and Shelby (R-AL), which will reauthorize the Export-Import Bank (Ex-Im) and increase the Bank’s lending limit to help manufacturers in the U.S. reach new markets:
“The Ex-Im Bank plays a critical role in manufacturers’ ability to export to new markets and keep up with growing global competition. The Bank supports nearly 290,000 export related jobs and each year is helping more and more small and medium-sized manufacturers grow their businesses and hire new workers. The numbers tell the real story. More than 85 percent of all Ex-Im transactions directly benefit small business exporters--the economic engine that powers our economy and job creation.
It’s imperative that Congress reauthorize Ex-Im and increase the Bank’s lending limit for the sake of jobs and the competitiveness of manufacturers in the United States. Should Congress fail to act, it will give our competitors an advantage, harm job growth and create a large speed bump in our path to doubling exports.
Our competition is providing hundreds of billions of dollars worth of export financing and is leaving us in the dust. We cannot afford to stand on the sidelines. In 2010, Brazil and China provided 10 times more export assistance as a share of GDP than the U.S. The Ex-Im Bank is needed to level the playing field for manufacturers in the U.S. and, most importantly, to create jobs.
Manufacturers urge senators to support the amendment from Sens. Cantwell, Johnson, Graham and Shelby to reauthorize the Ex-Im Bank and increase its lending limit so small and medium-sized manufacturers can continue to drive our economy and create jobs.”
Please click here to read the NAM’s Key Vote letter.