Washington, D.C. – National Association of Manufacturers President and CEO Jay Timmons released the following statement after the House of Representatives passed the United States Export Finance Agency Act (H.R. 4863), legislation to reauthorize the Export-Import Bank for 10 years:
The members of Congress who cast their vote for reauthorizing the Export-Import Bank stood with America’s manufacturing workers today. The Ex-Im Bank is a vital tool for ensuring manufacturers in America can compete on a level playing field. Around the world, 100 other export credit agencies are in operation, so shutting down the Ex-Im Bank is akin to unilateral disarmament. It would hand a victory to China. That is why the Senate must now act. Manufacturers strongly support both the just-passed House bill and the bipartisan Senate Ex-Im Bank reauthorization bill introduced by Sen. Kevin Cramer (R-ND) and Sen. Kyrsten Sinema (D-AZ) that similarly provides for a 10-year robust reauthorization. Manufacturers urge the Senate to act on a long-term and robust reauthorization to provide certainty and improve American competitiveness.
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.
The National Association of Manufacturers 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 12.8 million men and women, contributes $2.38 trillion to the U.S. economy annually, has the largest economic multiplier 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.