That’s not a “typo” in the blog title – Jenny Fulton is the owner and “Chief Pickle Officer” of North Carolina-based Miss Jenny’s Pickles. Fulton, like so many other small business owners and exporters throughout the United States, uses the U.S. Export-Import (Ex-Im) to insure her overseas pickle exports. Through using the Ex-Im’s credit insurance, Jenny’s Pickles has been able to carve out a niche in the international market, which is something the company would likely not have been able to do otherwise. (continue reading…)
Today the National Association of Manufacturers (NAM) hosted a Shopfloor briefing for congressional staff about the need to reauthorize the U.S. Export-Import (Ex-Im) Bank, a critical tool for U.S. exporters. The briefing comes after a late-night vote in the U.S. Senate on an amendment to reauthorize the Ex-Im Bank through FY2019, which was attached to a highway funding bill. Now that the Senate has passed an Ex-Im reauthorization with broad support, all eyes turn to the House of Representatives to do the same.
U.S. Representative Chris Collins (R-NY), who spent 36 years as a small business owner, gave remarks that emphasized the importance of the Ex-Im Bank to U.S. small businesses. Rep. Collins knows firsthand the value of exports to small businesses and their employees.
Despite bipartisan support in both the House and Senate for Ex-Im reauthorization, Congress allowed the Ex-Im Bank’s charter to lapse on June 30 for the first time in its history. As a result, companies like International Green Structures (IGS) are unable to move forward with new projects. IGS is a small manufacturer of environmentally sustainable materials used to make a variety of structures including affordable houses for low income populations in developing countries. David Kralik, a member of IGS’s finance team, said during today’s Shopfloor event that his company is in a “holding pattern” until the Bank is reauthorized because it needs Ex-Im Bank support for a contract in Nigeria. Learn more about IGS’s Ex-Im story by clicking here.
Trade policy experts also participating on today’s panel included Matthew Ekberg, Vice President of International Policy for the Bankers Association for Finance and Trade; Howard Schweitzer, Managing Partner at Cozen O’Connor Public Strategies; and Georgette P. Sierra, Vice President of Government Affairs at the Financial Services Roundtable. These panelists provided insight into the public-private partnership between private-sector lenders and the Ex-Im Bank, the growing role of foreign export credit agencies (ECAs) and the important role that the Ex-Im Bank plays in mitigating risk for exporters and lenders. If Congress fails to reauthorize the Bank before it begins the August recess, U.S. businesses and the jobs they create will continue to be at a competitive disadvantage.
Right now, more than 60 foreign export credit agencies ECAs across the globe help support their respective domestic industries. The nine largest ECAs of our allies and competitors–Brazil, Canada, China, France, Germany, Japan, Mexico, South Korea and the United Kingdom–provide nearly half a trillion dollars in annual export support, putting manufacturers in the United States at a deep disadvantage in competing for sales overseas. As our foreign competitors continue to expand into new markets and grow jobs in their own economies, Congress has forced U.S. manufacturers to forfeit opportunities and sit on the sidelines.
The Ex-Im Bank is a critical export tool for U.S. manufacturers and helps businesses of all sizes compete in the global marketplace. Learn more about the impact the Ex-Im Bank has on manufacturers of all sizes by clicking here.
A group of small- and medium-sized business owners joined President Obama at the White House Wednesday in a private meeting to share their stories about how the U.S. Export-Import (Ex-Im) Bank has helped their companies grow, compete in the global marketplace and support jobs in their respective communities. Among attendees were Love & Quiches Gourmet, Air Tractor and Manhasset Specialty Company. (continue reading…)
Manufactures of all sizes continue to engage foreign markets to grow their businesses and hire workers in the United States. Access to export credit insurance and loan guarantees for foreign buyers of U.S.-made goods helps these companies compete. For Rhode Island-based manufacturer, Cooley Group, the U.S. Export Import Bank’s timely credit decision-making process and affordable credit insurance for its foreign receivables has helped the company reach new customers in 11 foreign countries. (continue reading…)
Manufacturers spoke out this morning in support of the U.S. Export-Import (Ex-Im) Bank, with more than 1,000 businesses and organizations calling on Congress to move on a long-term reauthorization before Ex-Im Bank’s current charter expires on June 30. A few of those companies also appeared at a news conference with NAM President Jay Timmons, urging lawmakers to take up a long-term reauthorization. Executives from Vermeer Corporation, Special Products & MFG. and Click Bond, Inc. joined several House Republican Congressmen to explain how small and medium-sized businesses can grow and expand because of exports supported by Ex-Im Bank financing. (continue reading…)
Manufacturers celebrated this week the annual “World Trade Week,” reaffirming the importance of trade to economic opportunities and job growth. The House Small Business Committee highlighted the impact of trade on small businesses with a hearing on Wednesday. NAM Board member and Power Curbers, Inc. President and CEO Dyke Messinger testified on the hearing panel, pressing for congressional passage of Trade Promotion Authority (TPA) and a long-term reauthorization of the Ex-Im Bank to help level the playing field for manufacturers in the United States. (continue reading…)
The House Foreign Affairs Committee’s Terrorism, Nonproliferation & Trade Subcommittee is examining today the role of trade promotion agencies like the Ex-Im Bank in supporting U.S. foreign policy. The United States needs a strong industrial base with robust R&D capability to support its national security interests, and those companies can benefit greatly from overseas markets. In many of those markets, export credit agencies (ECAs) like Ex-Im Bank play a crucial role in supporting suppliers for energy, aerospace and infrastructure projects.
This morning, the NAM hosted a conference call to highlight these issues with former U.S. Commerce Secretary Carlos Gutierrez and former National Security Advisor General James L. Jones. Also joining the call were to two manufacturers that illustrate the role of Ex-Im Bank in supporting their overseas growth and in enabling their commitment to U.S. foreign policy objectives. Secretary Gutierrez and General Jones joined with a dozen former U.S. government officials in February to send a letter to Congress underscoring the importance of commercial and economic diplomacy to U.S. national security. (continue reading…)
The Senate considered today a bundle of trade bills under a bipartisan deal to allow votes on customs and preferences legislation, as well as a cloture vote on the motion to proceed to Trade Promotion Authority (TPA). The NAM strongly supports the customs modernization, intellectual property enforcement, miscellaneous tariff bill process and provisions to prevent trade remedy evasion that are contained in Trade Facilitation and Trade Enforcement Act of 2015 and the trade preference provisions contained in the Trade Preferences Extension Act of 2015 (S.1267). The Senate passed the customs legislation by a vote of 78-20 and the trade preferences bill by a vote of 97-1.
The Trade Facilitation and Trade Enforcement Act (S. 1269), introduced in April by Senate Finance Committee Chairman Orrin Hatch (R-UT) and Ranking Member Ron Wyden (D-OR), passed the Senate Finance Committee by voice vote. During the Senate Finance Committee mark-up, several amendments to the bill were adopted. The bill would reauthorize U.S. Customs & Border Protection and contains customs modernization provisions on key issues like duty drawback, exemption from duty for container residue and intellectual property protection. The bill also includes the Enforcing Orders and Reducing Customs Evasion Act (ENFORCE) that provides basic due process procedures for domestic manufacturers, including timelines for CBP to act and the potential for judicial review, to address growing problems with the evasion of trade-remedy orders. (continue reading…)
Last week, the President transmitted to Congress the renewal agreement for the “U.S.-China Agreement for Cooperation on the Peaceful Uses of Nuclear Energy,” also known as the U.S.-China Section 123 agreement. Unless the renewal is brought into force before the current agreement expires in December, U.S. nuclear suppliers will lose their access to the world’s largest market for commercial nuclear goods and services – effectively forfeiting billions of dollars in U.S. exports and thousands of American jobs in a key sector. The NAM recently joined several other associations in urging Congress to act on a clean and expeditious approval of the renewal U.S.-China Section 123 agreement.
Section 123 of the U.S. Atomic Energy Act requires a specific agreement for significant transfers of nuclear material, equipment, or components from the United States to another nation. This primer from the Congressional Research Service (CRS) provides additional background on these “123 Agreements”, and CRS also has this new report on the China Section 123 agreement. (continue reading…)
As Congress continues to debate the future of Ex-Im Bank, it’s clear that a bipartisan majority supports its reauthorization. Over the past few weeks, various Congressional leaders have expressed their support for reauthorization. Today, House Speaker John Boehner (R-OH) said the expiration of the Ex-Im Bank could cost “thousands of jobs.” Manufacturers agree and we urge Congress to move quickly to schedule a vote on a long-term reauthorization of Ex-Im Bank. (continue reading…)