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 LankfordFormer Sen. Tom Coburn dies at 72 Burr requests ethics investigation into stock sale, denies wrongdoing Senior GOP senators object to direct payments at caucus meeting MORE (Okla.), Mike LeeMichael (Mike) Shumway LeeSenator Tom Coburn's government oversight legacy Trump on Romney's negative coronavirus test: 'I am so happy I can barely speak' Romney says he tested negative for coronavirus, will remain in quarantine MORE (Utah), Marco RubioMarco Antonio RubioTrump seeks to sell public on his coronavirus response Rubio knocks coverage of US coronavirus cases as 'grotesque' and 'bad journalism Lessons from the front line — Florida's fight with sea level rise MORE (Fla.), Ben SasseBenjamin (Ben) Eric SasseMnuchin emerges as key asset in Trump's war against coronavirus House Republican urges Pompeo to take steps to limit misinformation from China on coronavirus How much damage? The true cost of the Senate's coronavirus relief bill MORE (Neb.), Richard ShelbyRichard Craig ShelbyCoronavirus bill includes more than billion in SNAP funding White House billion emergency request balloons to 2 billion in Senate coronavirus stimulus talks Five sticking points to a T coronavirus deal 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 SandersTop Democratic super PACs team up to boost Biden Poll: Biden leads Sanders by 22 points GE employees urge company to use laid-off workers to make ventilators MORE (I-Vt.). House Financial Services Committee Chairman Patrick McHenryPatrick Timothy McHenryBottom line Top GOP post on Oversight draws stiff competition Lawmakers shame ex-Wells Fargo directors for failing to reboot bank MORE (R-N.C.) and ranking member Rep. Maxine WatersMaxine Moore WatersMaxine Waters unleashes over Trump COVID-19 response: 'Stop congratulating yourself! You're a failure' Democrats eye additional relief checks for coronavirus Lawmakers shame ex-Wells Fargo directors for failing to reboot bank MORE (D-Calif.) are both supportive of renewing authorization for the bank.