Message for Capitol Hill: Manufacturing Jobs Depend on the Ex-Im Bank
Manufacturers Travel to Washington to Talk Jobs and Competitiveness
Manufacturers representing a wide array of industry sectors left their shop floors today to be on Capitol Hill to deliver a clear message to lawmakers: the Export-Import (Ex-Im) Bank is a vital tool to help increase U.S. exports and grow American jobs. This is the first of many days that manufacturers will dedicate to explaining the importance of Ex-Im financing to growing U.S. exports and competing in a global economy.
Speaking during a press conference call with reporters, BTE Technologies President Charles Wetherington highlighted the importance of the Ex-Im Bank to manufacturers’ competitiveness. “For the United States to grow manufacturing jobs, we must rely on exports to faster-growing markets around the world,” he said. A Maryland-based manufacturer, BTE depends on the Ex-Im Bank to be able to export its physical therapy and sports medicine equipment to more than 40 countries. “Ex-Im helps us to bring American-made products out to the world,” said Wetherington.
Vermeer Corporation Senior Director of International Business Development and Government Affairs Daryl Bouwkamp highlighted how the Ex-Im Bank has helped Vermeer expand into new markets. “In these times of sluggish economies and tightened liquidity, the need for financing solutions is especially important,” he said. “There are Vermeer deals going on right now around the world only because of Ex-Im’s support.” Bouwkamp also warned of the consequences of an expiration of Ex-Im’s charter, noting that “it will mean less business and fewer exports for U.S. manufacturers.”
“The Ex-Im Bank is one of the most important tools the U.S. government has to help grow U.S. exports and jobs,” said NAM Vice President of International Economic Affairs Linda Dempsey. “Without the Ex-Im Bank, customers may turn to foreign competitors that have support from aggressive foreign export credit agencies to the detriment of U.S. industry and jobs. America’s manufacturers cannot afford to unilaterally disarm in today’s global marketplace.”
Without congressional reauthorization, the Ex-Im Bank’s charter will expire this fall, threatening the competitiveness of manufacturers in the United States—particularly the thousands of small and medium-sized manufacturers that depend on the Ex-Im Bank to be able to reach new markets. To learn more about the Ex-Im Bank, click here. To read the NAM’s blog series, Exporters for Ex-Im, which highlights manufacturers that depend on the Ex-Im Bank, click here.