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 GOP hedges on attending Trump's convention amid coronavirus uptick Tulsa to resume search for race massacre mass graves next week GOP senators debate replacing Columbus Day with Juneteenth as a federal holiday MORE (Okla.), Mike LeeMichael (Mike) Shumway LeeKoch-backed group urges Senate to oppose 'bailouts' of states in new ads Gianforte halts in-person campaigning after wife, running mate attend event with Guilfoyle Sunday shows preview: Lawmakers to address alarming spike in coronavirus cases MORE (Utah), Marco RubioMarco Antonio RubioGOP chairman vows to protect whistleblowers following Vindman retirement over 'bullying' Lincoln Project offers list of GOP senators who 'protect' Trump in new ad GOP Miami mayor does not commit to voting for Trump MORE (Fla.), Ben SasseBenjamin (Ben) Eric SasseKoch-backed group urges Senate to oppose 'bailouts' of states in new ads Chamber of Commerce endorses Cornyn for reelection Trump administration narrows suspects in Russia bounties leak investigation: report MORE (Neb.), Richard ShelbyRichard Craig ShelbySenate panel to vote on controversial Trump Fed pick Shelton Finger-pointing, gridlock spark frustration in Senate Democrats sidestep budget deal by seeking 0B in emergency spending MORE (Ala.) and Pat ToomeyPatrick (Pat) Joseph ToomeyGOP senators push for quick, partial reopening of economy NSA 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 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 SandersBiden wins Louisiana primary Oh, Canada: Should the US emulate Canada's National Health Service? Trump glosses over virus surge during Florida trip MORE (I-Vt.). House Financial Services Committee Chairman Patrick McHenryPatrick Timothy McHenrySupreme Court rulings reignite Trump oversight wars in Congress Consumer bureau revokes payday lending restrictions The Hill's Morning Report - Capitol Hill weighs action on racial justice as protests carry on MORE (R-N.C.) and ranking member Rep. Maxine WatersMaxine Moore WatersSupreme Court rulings reignite Trump oversight wars in Congress On The Money: Mnuchin, Powell differ over how soon economy will recover | Millions fear eviction without more aid from Congress | IRS chief pledges to work on tax code's role in racial wealth disparities Millions fear eviction without more aid from Congress MORE (D-Calif.) are both supportive of renewing authorization for the bank.