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 waves Trump off early motion to dismiss impeachment charges On The Money: Lawmakers dismiss fears of another shutdown | Income for poorest Americans fell faster than thought | Net employment holds steady in September | Groups press Senate on retirement bill Lawmakers dismiss fresh fears of another government shutdown MORE (Okla.), Mike LeeMichael (Mike) Shumway LeeGOP divided over impeachment trial strategy Hillicon Valley: Amazon to challenge Pentagon cloud contract in court | State antitrust investigation into Google expands | Intel agencies no longer collecting location data without warrant Senators introduce bipartisan bill restricting police use of facial recognition tech MORE (Utah), Marco RubioMarco Antonio RubioGOP senators plan to tune out impeachment week Republicans warn election results are 'wake-up call' for Trump Paul's demand to out whistleblower rankles GOP colleagues MORE (Fla.), Ben SasseBenjamin (Ben) Eric SasseTrump circuit court nominee in jeopardy amid GOP opposition Trump has officially appointed one in four circuit court judges Senators press NSA official over shuttered phone surveillance program MORE (Neb.), Richard ShelbyRichard Craig ShelbyOn The Money: Trump appeals to Supreme Court to keep tax returns from NY prosecutors | Pelosi says deal on new NAFTA 'imminent' | Mnuchin downplays shutdown threat | Trump hits Fed after Walmart boasts strong earnings Overnight Health Care: Cigarette smoking rates at new low | Spread of vaping illness slowing | Dems in Congress push to block Trump abortion rule Lawmakers aim for agreement on top-line spending by next week 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 SandersSinger Neil Young says that America's presidents haven't done enough address climate change New poll catapults Buttigieg to frontrunner position in Iowa Growing 2020 field underscores Democratic divide MORE (I-Vt.). House Financial Services Committee Chairman Patrick McHenryPatrick Timothy McHenryHouse passes Ex-Im Bank reboot bill opposed by White House, McConnell White House, McConnell come out against House bill on Ex-Im Bank Trump roasts Republicans at private fundraising event MORE (R-N.C.) and ranking member Rep. Maxine WatersMaxine Moore WatersHouse passes Ex-Im Bank reboot bill opposed by White House, McConnell White House, McConnell come out against House bill on Ex-Im Bank Divides over China, fossil fuels threaten House deal to reboot Ex-Im Bank MORE (D-Calif.) are both supportive of renewing authorization for the bank.