Washington, D.C. – National Association of Manufacturers Vice President of International Economic Affairs Linda Dempsey released the following statement after the House Financial Services Committee passed legislation to reauthorize the Export-Import Bank for 10 years:
Manufacturers need long-term certainty that the Ex-Im Bank can keep helping manufacturers secure new sales overseas that support well-paying American jobs. The legislation would help manufacturers in the U.S. compete in the global economy by providing a 10-year reauthorization, increasing the authorization ceiling and ensuring the agency’s board will remain fully functioning. This deserves strong bipartisan support on the House floor. We appreciate the members who support this critical agency and thank them for their vote on this important legislation.
Quick facts about the Ex-Im Bank:
- The agency has supported 2.5 million jobs over the past 20 years.
- On average, more than 90% of the Ex-Im Bank’s transactions directly support small businesses.
- The agency has generated $9.6 billion for taxpayers since 1992.
- Foreign competitors are stealing America’s competitive advantage by devoting hundreds of billions of dollars to official export credit agency financing for their domestic manufacturers.
- The agency’s default rate is better than many commercial lenders and far below the 2% maximum rate set by Congress.