Yesterday, President Obama signed into law a bill that included a multi-year reauthorization of the U.S. Export-Import (Ex-Im) Bank, effectively re-opening the bank’s doors after a five-month lapse. As NAM President and CEO Jay Timmons put it, ““This is a victory for manufacturers of all sizes as well as for workers here in the United States. The Ex-Im Bank is critical to keeping America competitive in the global economy.” Read More
Earlier this week, the Engage Cuba coalition – of which the NAM is a partner – released with the Atlantic Council the results of a new poll that found a majority of Americans in four key “heartland” states support President Barack Obama’s decision to restore diplomatic ties with Cuba and are in favor of lifting all restrictions on travel to the island. Read More
The House of Representatives delivered a huge win for manufacturers and American jobs Tuesday night by passing a bill to reauthorize the U.S. Export-Import (Ex-Im) Bank for close to five years. A strong coalition consisting of both Republican and Democrats passed the bill by a vote of 313-118, with a majority of Republicans joining nearly all Democrats in favor of passage. Read More
The global market for manufactured goods continues to grow, providing myriad opportunities for U.S. manufacturers to expand their product reach overseas. The U.S. Export-Import (Ex-Im) Bank is a critical tool that allows manufacturers, like Florida-based NOVA Pressroom Products, a chance at developing a successful exporting business to Latin American countries. Read More
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. Read More
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. Read More
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. Read More
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. Read More
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. Read More