Manufacturers Welcome Senate Bill to Reauthorize Ex-Im Bank
“We Need Long-Term Certainty”
Washington, D.C. – National Association of Manufacturers Vice President of International Economic Affairs Linda Dempsey released the following statement praising introduction of legislation authored by Sens. Kevin Cramer (R-ND) and Kyrsten Sinema (D-AZ) to reauthorize the Export-Import Bank:
“We need long-term certainty that the Ex-Im Bank will be able to continue helping manufacturers of all types and sizes secure new sales overseas that support well-paying American jobs. This bipartisan legislation—through its 10-year reauthorization of the agency and fixes to its past quorum issues—will help do just that and marks an important step forward toward reauthorization. Manufacturers appreciate the work of members on both sides of the aisle to move forward a robust Ex-Im reauthorization and urge both chambers of Congress to work together to reauthorize the agency before the September 30 deadline. The more than 12.8 million men and women who make things in America are depending on it.”
Quick facts about the Ex-Im Bank:
- The agency has supported 1.7 million jobs over the past 10 years.
- On average, more than 90 percent 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 domestic manufacturers.
- The agency’s default rate is better than many commercial lenders and far below the 2 percent maximum rate set by Congress.