NAM Urges Senate to Confirm Ex-Im Board of Director Nominees

Letter Follows Resignation of the Bank’s Last Remaining Board Member

Washington, D.C. – National Association of Manufacturers (NAM) President and CEO Jay Timmons sent a letter to each member of the U.S. Senate regarding the departure of the Export-Import (Ex-Im) Bank’s final sitting board member, Scott Schloegel, urging senators to approve President Trump’s four stalled nominees to the board without delay.

“Since mid-2015, the Ex-Im Bank has been operating well below capacity, unable to consider loans greater than $10 million. As a result, countries in Europe and beyond have been luring U.S. manufacturers to set up shop overseas to take advantage of foreign export financing because the U.S. system is effectively broken. Manufacturers in the United States have lost billions of dollars in deals, and tens of thousands of American workers have lost opportunities for well-paying jobs supported by the exports that the Ex-Im Bank could have helped secure,” Timmons wrote.

“The lack of a functioning Ex-Im Bank is not only one of those serious economic problems, but also one that can be easily solved given the strong bipartisan support for confirmation of the four Ex-Im Bank nominees. Manufacturers want to see holds on these nominees lifted and swift action to move these nominations to the floor for consideration as soon as possible,” added Timmons. “For those seeking to level the playing field and support jobs here in the United States, rather than overseas, now is the time to act.”

The NAM has been a leading proponent of restoring the Ex-Im Bank, which has supported 1.4 million American jobs over the past several years, to full functionality. In January, Timmons sent a letter to Senate Majority Leader Mitch McConnell (R-KY) and Senate Majority Whip John Cornyn (R-TX) urging them to swiftly approve the nominations of Kimberly Reed, Spencer Bachus, Judith Pryor and Claudia Slacik, who were all voted out of the Senate Banking Committee on a strong, bipartisan basis. NAM Vice President for International Economic Affairs Linda Dempsey also penned an op-ed in The Hill calling on the Senate to take action.

-NAM-


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 $2.25 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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