Timmons Says Ex-Im Bank Critical to Growing U.S. Manufacturing
National Association of Manufacturers (NAM) President and CEO Jay Timmons issued this statement in support of the reauthorization of the U.S. Export-Import (Ex-Im) Bank:
“The debate over the future of the Ex-Im Bank comes down to whether we want products manufactured in the United States by American workers to win sales overseas, or whether we want our foreign competitors and their workers to take this business. A vote against the Ex-Im Bank is a vote to support growing manufacturing and jobs overseas and not in the United States.
In today’s global economy, manufacturers in the United States must compete on quality, price, reliability and on-time delivery. These companies should not lose business because foreign countries provide official export financing to support their companies. We respect that opponents would like a pure system, but that is simply not reality. We cannot unilaterally disarm the United States economically, and that is exactly what closing the bank will do.
The Ex-Im Bank is limited in scope but crucial for thousands of companies in hundreds of congressional districts as well as their suppliers that otherwise would not be able to compete on a level playing field. These companies and manufacturers cannot afford to be defenseless in today’s global marketplace.”
On Monday, the NAM and the U.S. Chamber of Commerce gave voice to the more than 200,000 employees at 3,400 companies who depend on the Ex-Im Bank by announcing a coalition focused on protecting jobs and competitiveness and urging Congress to act swiftly to reauthorize the bank before its charter lapses on September 30. Among the first steps the coalition took was the release of a letter from more than 800 other companies and associations of all sizes showing the tremendous breadth and depth of support for the effort. A copy of the letter can be accessed here.
Securing reauthorization of the Ex-Im Bank is one of the business community’s top legislative priorities for the year. The bank is especially important to small and medium-sized businesses, which account for nearly 90 percent of the bank’s transactions.
More information can be found here.