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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 LankfordSenate panel unanimously advances Yellen nomination for Treasury The Hill's 12:30 Report: What to expect for inauguration GOP Sen. Lankford apologizes to Black constituents for opposing election results MORE (Okla.), Mike LeeMichael (Mike) Shumway LeeOvernight Defense: Austin takes helm at Pentagon | COVID-19 briefing part of Day 1 agenda | Outrage over images of National Guard troops in parking garage Austin sworn in as nation's first Black Pentagon chief The Hill's 12:30 Report: Next steps in the Trump impeachment MORE (Utah), Marco RubioMarco Antonio RubioSunday shows preview: All eyes on Biden administration to tackle coronavirus Rubio: Biden 'talking like a centrist' but governing 'from the radical left' The Hill's Morning Report - Biden's crisis agenda hits headwinds MORE (Fla.), Ben SasseBen SasseFormer official acknowledges final days in office a 'black eye' for Trump Republican senators and courage The next pandemic may be cyber — How Biden administration can stop it MORE (Neb.), Richard ShelbyRichard Craig ShelbyMcConnell about to school Trump on political power for the last time Overnight Defense: Trump impeached for second time | National Guard at Capitol now armed, swelling to 20K troops for inauguration | Alabama chosen for Space Command home Space Command to be located in Alabama MORE (Ala.) and Pat ToomeyPatrick (Pat) Joseph ToomeyGovernment used Patriot Act to gather website visitor logs in 2019 Appeals court rules NSA's bulk phone data collection illegal Dunford withdraws from consideration to chair coronavirus oversight panel 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 SandersSunday shows preview: All eyes on Biden administration to tackle coronavirus The Hill's 12:30 Report: Next steps in the Trump impeachment Sanders selling sweatshirts with his famous inauguration pose for charity MORE (I-Vt.). House Financial Services Committee Chairman Patrick McHenryPatrick Timothy McHenryOn The Money: Treasury announces efforts to help people get stimulus payments | Senate panel unanimously advances Yellen nomination for Treasury | Judge sets ground rules for release of Trump taxes The Hill's Morning Report - Biden's crisis agenda hits headwinds GOP at crossroads after Capitol siege MORE (R-N.C.) and ranking member Rep. Maxine WatersMaxine Moore WatersCapitol Police report warned that Congress could be targeted three days before riot Democrats point fingers on whether Capitol rioters had inside help Lawmakers warned police of possible attack ahead of siege MORE (D-Calif.) are both supportive of renewing authorization for the bank.