Today President Obama signed the Export-Import Bank reauthorization legislation into law during a ceremony at the White House. This marks the end of a long road with a great amount of uncertainty over the Bank’s reauthorization.
The legislation signed by the President today reauthorizes the Bank for three years and increases its lending cap to $140 billion. Small and medium-sized manufacturers will greatly benefit, helping them reach new markets with their exports and create jobs. Last year alone the Bank supported nearly 290,000 jobs and we know that will continue to grow.
Majority Leader Cantor and Minority Whip Hoyer deserve credit for coming to a bipartisan agreement that was able to swiftly pass the House and Senate.
As our competitors overseas continue to increase export financing it was absolutely vital that we reauthorize Ex-Im or risk falling behind, costing us jobs and damaging our competitiveness.
Manufacturers are leading our nation in innovation and job creation but we also need help from Washington to help level the playing field. With 95 percent of the world’s consumers living outside our borders we need to do more to increase exports, resulting in more jobs here at home for manufacturing workers.
Lauren Airey is director of trade facilitation policy, National Association of Manufacturers.