Manufacturing group leads coalition to urge Congress to reauthorize Ex-Im Bank

Manufacturing group leads coalition to urge Congress to reauthorize Ex-Im Bank
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The National Association of Manufacturers (NAM) led a coalition of over 200 companies requesting that Congress pass a long-term reauthorization of the Export-Import Bank, which is set to expire on Sept. 30.

The last reauthorization of the bank, which facilitates exports from U.S. businesses by guaranteeing loans for foreign buyers, was signed by then-President Obama in 2015.

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Since then, the bank has experienced major turmoil, and advocates are pushing for a long-term reauthorization to finally stabilize it.

“In an increasingly competitive and uncertain global marketplace, America cannot afford to lose any opportunity to level the playing field and advance our country’s leadership,” the letter reads.

It continues, “That is why without quick action to secure a long-term and robust Ex-Im Bank reauthorization that fixes past quorum issues, thousands of American exporters and tens of thousands of American workers who rely on the Ex-Im Bank will be put at risk—and broader U.S. national interests, too.”

The Senate confirmed Kimberly Reed as Ex-Im Bank president and former Rep. Spencer BachusSpencer Thomas BachusManufacturing group leads coalition to urge Congress to reauthorize Ex-Im Bank Biz groups take victory lap on Ex-Im Bank On The Money: White House files notice of China tariff hikes | Dems cite NYT report in push for Trump tax returns | Trump hits Iran with new sanctions | Trump praises GM for selling shuttered Ohio factory | Ex-Im Bank back at full strength MORE (R-Ala.) and Judith DelZoppo Pryor to the board in May. That move gave the bank the required quorum to approve larger deals for the first time since 2015.

Before the confirmations, only two members were on the board, which was short of the quorum needed to sign off on deals of more than $10 million.

The letter notes that when there was a lack of a board quorum, “the National Association of Manufacturers estimated that manufacturers in America lost $119 billion in output, which translated into 80,000 fewer American manufacturing jobs in 2016 and 2017 alone.”

Other entities that signed on to the letter include the American Petroleum Institute, Business Roundtable, Deere & Company, General Electric, Halliburton, Honeywell, Lockheed Martin, Boeing and the U.S. Chamber of Commerce, among others. 

“To remain competitive in the global market, workers and industries throughout America need long-term certainty that the Ex-Im Bank will be able to continue serving as a vital 'lender of last resort' when U.S. exporters are unable to obtain financing or related export services from commercial banks,” the letter reads.

Notable opponents of the Ex-Im bank include GOP Sens. James LankfordJames Paul LankfordGOP group's ad calls on Graham to push for election security: 'Are you still trying?' Manufacturing group leads coalition to urge Congress to reauthorize Ex-Im Bank GOP group calls on Republican senators to stand up to McConnell on election security in new ads MORE (Okla.), Mike LeeMichael (Mike) Shumway LeeExclusive: Kushner tells GOP it needs to unify behind immigration plan Manufacturing group leads coalition to urge Congress to reauthorize Ex-Im Bank Overnight Defense: GOP grumbles after Trump delays military projects for wall | House panel hints at subpoena for Afghanistan envoy | Kabul bombing raises doubts about Taliban talks MORE (Utah), Marco RubioMarco Antonio RubioCalifornia poll: Biden, Sanders lead Democratic field; Harris takes fifth The 13 Republicans needed to pass gun-control legislation GOP group's ad calls on Graham to push for election security: 'Are you still trying?' MORE (Fla.), Ben SasseBenjamin (Ben) Eric SasseManufacturing group leads coalition to urge Congress to reauthorize Ex-Im Bank The Hill's Morning Report - Trump ousts Bolton; GOP exhales after win in NC Trump endorses Sasse in 2020 race MORE (Neb.), Richard ShelbyRichard Craig ShelbySenators struggle to get spending bills off ground as shutdown looms Congress set to ignore Trump's wall request in stopgap measure Overnight Defense: Dems grill Trump Army, Air Force picks | House chair subpoenas Trump Afghanistan negotiator | Trump officials release military aid to Ukraine MORE (Ala.) and Pat ToomeyPatrick (Pat) Joseph ToomeyNSA improperly collected US phone records in October, new documents show Overnight Defense: Pick for South Korean envoy splits with Trump on nuclear threat | McCain blasts move to suspend Korean military exercises | White House defends Trump salute of North Korean general WH backpedals on Trump's 'due process' remark on guns MORE (Pa.), all of whom voted against Reed’s confirmation

Seventeen senators in total voted against Reed, and all of them were Republicans other than Sen. Bernie SandersBernie SandersSanders supporters cry foul over Working Families endorsement of Warren California poll: Biden, Sanders lead Democratic field; Harris takes fifth Kamala Harris calls for new investigation into Kavanaugh allegations MORE (I-Vt.). House Financial Services Committee Chairman Patrick McHenryPatrick Timothy McHenryManufacturing group leads coalition to urge Congress to reauthorize Ex-Im Bank Hasan Minhaj tells Congress: Student loan debt is 'sidelining millions of Americans' Hillicon Valley: Trump seeks review of Pentagon cloud-computing contract | FTC weighs updating kids' internet privacy rules | Schumer calls for FaceApp probe | Report says states need more money to secure elections MORE (R-N.C.) and ranking member Rep. Maxine WatersMaxine Moore WatersManufacturing group leads coalition to urge Congress to reauthorize Ex-Im Bank Democrats' impeachment message leads to plenty of head-scratching Trump officials vow to reform Fannie, Freddie if Congress doesn't act MORE (D-Calif.) are both supportive of renewing authorization for the bank.