ICYMI: Now Is the Time to Fix Ex-Im Bank

Excerpts from The Hill

By: Linda Dempsey, NAM Vice President for International Economic Affairs Policy

“… [T]he Senate Banking Committee … took critical action to help get the Export-Import (Ex-Im) Bank functioning again — something that is vital to the future of manufacturing in this country.

“First, the committee voted to reject former Rep. Scott Garrett (R-N.J.) to head the bank. That’s good news for manufacturers, and it’s good news for our economy …

“At the same time, the committee approved President Donald Trump’s other four nominations to round out the bank’s board of directors: Kimberly Reed, Spencer Bachus, Judith Delzoppo Pryor and Claudia Slacik — nominees that manufacturers have strongly supported …

“[T]hey, like the manufacturing workers the NAM represents, understand the vital role the Ex-Im Bank plays in manufacturing in the United States. The bank is critical to allowing our exporters to compete on a global scale for the 95 percent of consumers who are located outside our borders.

“More than 90 percent of the bank’s transactions in fiscal year 2016 directly supported small businesses. But Ex-Im cannot continue to level the playing field if it is not even allowed to function properly — as is the case right now.

“The bank currently lacks a quorum on its board of directors. That leaves it hobbled, unable to even fully function, much less support American jobs (nearly 1.5 million American jobs have been secured over the past eight years because of U.S. export sales supported by the Ex-Im Bank).

“A hobbled Ex-Im Bank also is unable to continue paying down the budget deficit (when allowed to function properly, the Ex-Im Bank not only covers its own operating costs but has actually generated billions in additional revenue for taxpayers).

“When you consider the more than 90 different foreign-government-backed export credit agencies that work overtime each day to support their own domestic industries at the expense of our manufacturers, it’s clear why we need a functioning Ex-Im Bank again — and quickly — to help level the playing field for American manufacturers and workers …”

Read the full op-ed here


The National Association of Manufacturers (NAM) is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12 million men and women, contributes $2.17 trillion to the U.S. economy annually, has the largest economic impact of any major sector and accounts for more than three-quarters of private-sector research and development. The NAM is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the Manufacturers or to follow us on Shopfloor, Twitter and Facebook, please visit www.nam.org..

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