The Export-Import Bank and Trade Finance



Former Rep. Scott Garrett (R-NJ), the nominee to lead the U.S. Export-Import (Ex-Im) Bank, has been a vocal and dogged opponent of the Ex-Im Bank—and the American jobs the agency supports. He has a record of seeking to destroy the Ex-Im Bank, not reform it

Garrett’s unwavering and absolute opposition to the Ex-Im Bank makes him incapable of serving as Ex-Im Bank chairman and president, a role that confers enormous authority over all of the agency’s operations. He would move our jobs, our wealth and our factories to other countries. His nomination should be withdrawn.

Latest News From the NAM
Manufacturers: Scott Garrett’s Confirmation at Ex-Im Would Be a Terrible Trade Deal for Our Country

“(Scott) Garrett’s confirmation (as chairman of the Ex-Im Bank) would be a terrible trade deal for our country. His record of aggressively undermining the Ex-Im Bank is tantamount to a vicious trade war against American manufacturing workers.”

NAM President and CEO Jay Timmons, July 11, 2017

Understand the Issue

U.S. exports accounted for about one-third of GDP growth from 2009 to 2014, but the current macroeconomic environment poses serious risks for manufacturers and manufacturing exporters.

Ex-Im Bank programs, such as working capital loan guarantees and credit insurance guarantees, enable thousands of U.S. small businesses to export by ensuring that they have the financing they need to manufacture goods for export and provide competitive terms for their customers.

Countries like China, Germany, the United Kingdom and Italy are devoting hundreds of billions of dollars to official export credit agency (ECA) financing for domestic manufacturers while U.S. exporters have no access to official export credit financing.

Read the White Paper

Martin Richenhagen is chairman and CEO of AGCO Corp., a publicly traded manufacturer (AGCO) of agricultural equipment headquartered in Duluth, Ga., that sells its products in 140 countries. He was in Washington, D.C., this week to attend the President’s Advisory Council on Doing Business in Africa, but he also took time to lobby for the Export-Import Bank’s reauthorization and talk to the National Association of Manufacturers.

Stories From the Shopfloor: The Ex-Im Bank matters to manufacturers

Since the 1990s, CNH Industrial -- and our suppliers -- have benefitted from Ex-Im Bank financing to export over $1 billion worth of equipment, supporting over 100,000 U.S. jobs.

Click Bond Director of Strategic Partnerships Paul McNeill says… critics fail to recognize Ex-Im’s downstream impact on small and mid-size manufacturers that do not contract directly with Ex-Im Bank.

Ellicott Dredges sells equipment to more than 100 countries with foreign sales representing over half of the company’s revenues. Company President Peter Bowe says the uncertainty that Congress has created over the reauthorization of the Ex-Im Bank is causing concern from foreign customers...

The NAM took out ads in both Politico and CQ Roll Call, urging for a long-term reauthorization of The Ex-Im Bank.

New research published by the NAM documents the massive size and growth of foreign export credit activity. Most developed countries and many developing countries have official export credit agencies (ECAs), with more than 60 operating worldwide. With the nine largest foreign ECAs--Brazil, Canada, China, France, Germany, Japan, Mexico, South Korea and the United Kingdom--providing nearly half a trillion dollars in annual export support, manufacturers in the United States are at a deep disadvantage in competing for sales overseas:

Forfeiting Opportunity

Ex-Im Bank reauthorization is essential for manufacturers to compete globally in the face of massive foreign export credit financing  
The Global Export Credit Dimension

The size of foreign export credit agencies compared to the Export-Import Bank of the United States  



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