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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 LankfordTop border officials defend Biden policies Rubio and bipartisan group of senators push to make daylight saving time permanent Senate inches toward COVID-19 vote after marathon session MORE (Okla.), Mike LeeMichael (Mike) Shumway LeeOvernight Energy: Colonial Pipeline says it has restored full service | Biden urges people not to panic about gasoline shortages | EPA rescinds Trump-era cost-benefit rule Senate panel advances Biden's deputy Interior pick Hillicon Valley: Global cybersecurity leaders say they feel unprepared for attack | Senate Commerce Committee advances Biden's FTC nominee Lina Khan | Senate panel approves bill that would invest billions in tech MORE (Utah), Marco RubioMarco Antonio RubioThe imminent crises facing Joe Biden Alabama Gov. Kay Ivey signs daylight savings bill Study: Early unemployment cutoff would cost 16M people 0B MORE (Fla.), Ben SasseBen SasseRomney: Capitol riot was 'an insurrection against the Constitution' Overnight Energy: 5 takeaways from the Colonial Pipeline attack | Colonial aims to 'substantially' restore pipeline operations by end of week | Three questions about Biden's conservation goals Hillicon Valley: Colonial Pipeline attack underscores US energy's vulnerabilities | Biden leading 'whole-of-government' response to hack | Attorneys general urge Facebook to scrap Instagram for kids MORE (Neb.), Richard ShelbyRichard Craig ShelbyBiden officials testify that white supremacists are greatest domestic security threat Republicans embrace Trump in effort to reclaim Senate Top Senate Democrat announces return of earmarks MORE (Ala.) and Pat ToomeyPatrick (Pat) Joseph ToomeySasse rebuked by Nebraska Republican Party over impeachment vote Philly GOP commissioner on censures: 'I would suggest they censure Republican elected officials who are lying' Toomey censured by several Pennsylvania county GOP committees over impeachment vote 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 SandersMusk's SpaceX has a competitive advantage over Bezos' Blue Origin New York, New Jersey, California face long odds in scrapping SALT  Warren calls for US to support ceasefire between Israel and Hamas MORE (I-Vt.). House Financial Services Committee Chairman Patrick McHenryPatrick Timothy McHenryMcCarthy unveils House GOP task forces, chairs On The Money: House panel spars over GameStop, Robinhood | Manchin meets with advocates for wage | Yellen says go big, GOP says hold off House panel spars over GameStop frenzy, trading apps MORE (R-N.C.) and ranking member Rep. Maxine WatersMaxine Moore WatersJuan Williams: Tim Scott should become a Democrat The Hill's Morning Report - Biden address to Congress will dominate busy week Maxine Waters: Judge in Chauvin trial who criticized her was 'angry' MORE (D-Calif.) are both supportive of renewing authorization for the bank.