Washington, D.C. – National Association of Manufacturers (NAM) President and CEO Jay Timmons released the following statement on President Donald Trump’s nomination of Kimberly Reed to lead the Export-Import (Ex-Im) Bank of the United States:
Kimberly Reed is a sterling choice for the Export-Import Bank, and in nominating her to lead the agency, President Trump is standing with America’s manufacturing workers. For too long now, the Ex-Im Bank has been hobbled, unable to ever consider action on large deals, while manufacturers lose out on business and jobs to our overseas competitors. At least 85 foreign government-backed export credit agencies, including those in China, are working aggressively to support their own domestic industries. America cannot afford to let them win any longer. Manufacturers call on the Senate to act swiftly to confirm Ms. Reed and the remaining Ex-Im Board nominees.
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 four stalled, qualified nominees to the Bank’s board of directors following their bipartisan approval by the Senate Banking Committee. NAM Vice President for International Economic Affairs Linda Dempsey also penned an op-ed in The Hill calling on the Senate to take action.
Quick facts about the Ex-Im Bank:
- The Bank has supported 1.4 million jobs over the past eight years.
- More than 90 percent of the Bank’s FY 2016 transactions directly support small businesses.
- The Bank has generated $7 billion for taxpayers over the past 20 years.
- Foreign competitors are stealing America’s competitive disadvantage by devoting hundreds of billions of dollars to official export credit agency financing for domestic manufacturers.
- The Bank’s default rate of just 0.25 percent is better than many commercial lenders.
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.