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Ex-Im Bank Archives - Shopfloor

The Ex-Im Bank Is a Critical Tool in Checking China’s Ambitions. It’s Time to Get It Operating Again.

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The National Association of Manufacturers (NAM) joins members of both parties in applauding Congress’ passage of the Better Utilization of Investments Leading to Development Act of 2018 (BUILD Act) as part of the recent broader Federal Aviation Administration reauthorization package. The BUILD Act reorganizes the way that development funds are parceled out. This is important because it creates a counter to China’s Belt and Road Initiative, a Chinese effort to solidify its global economic and strategic influence by dumping billions into investment projects in dozens of countries around the world.

Countering China’s influence is something Republicans believe is important. It’s something Democrats think is important. And it’s something that manufacturers think is important. Then it must be time for America to get serious by taking the most critical and obvious step next: let’s finally get the Export-Import (Ex-Im) Bank back up and running again.

For years now, the Ex-Im Bank has been effectively shuttered because the Senate has not taken action to fill vacancies on the board of directors. This is the agency that provides financing and insurance for American exports where there are no private-sector alternatives. Manufacturers and companies across the country depend on a fully functioning Ex-Im Bank to compete effectively with economic rivals across the globe—nearly all of which are backed by their own export credit agency.

China is a perfect example. Last year, China’s version of the Ex-Im Bank provided $45 billion in medium- and long-term support for projects around the world—more than the rest of the world combined. Given that, it’s no surprise that exporters in the United States continue to lose deals to China by the day, harming manufacturing industries and workers across the country.

Take Hoffman Equipment. Its $125 million deal to sell hundreds of pieces of heavy equipment to Cameroon has been scooped up by China because the financing exceeded what the Ex-Im Bank can greenlight while its board has this many vacancies. Musya Tumanyan, senior vice president at Hoffman, has been fending off attempts by China—backed by seemingly unlimited government financing—to steal even more contracts away from Hoffman. We must put an end to lost sales and lost opportunities that are hurting our manufacturing base.

That’s why the NAM has called repeatedly for the Senate to take immediate action to confirm Kimberly Reed as the leader of the Ex-Im Bank and deliver her a board quorum. That’s all that’s needed for the Ex-Im Bank to get back online. That’s all that’s necessary to start putting American exports back on a more level playing field with those of China and others. That’s it. Congress doesn’t need to pass a law. Congress doesn’t even need to vet these nominees through committee (it already happened). All that’s needed is for the Senate to simply vote on their confirmations before the full Senate. Up or down. Yes or no.

A fully functional Ex-Im Bank is yet another example of how Congress and the Trump administration can align economic security with national security, a key priority of the president’s National Security Strategy. Just as the BUILD Act stands up to China’s Belt and Road Initiative, a fully functional Ex-Im Bank will help counter China’s use of its export credit agencies to put Chinese interests ahead of ours. Now is the time to get this done.

President Trump Answers the Call from Manufacturers, Confirms Support for Ex-Im Bank

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As exporters and lenders converged in Washington for the annual Export-Import (Ex-Im) Bank conference last week, they heard a clear message from National Association of Manufacturers (NAM) President and CEO Jay Timmons.

“At a time when manufacturing has captured the imagination of our leaders and the American people, I know our policymakers are eager to implement a strategy that will make our companies as competitive as possible in every market. I see the Ex-Im Bank as a vital component of that strategy.” – NAM President and CEO Jay Timmons (April 6, 2017)

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Manufacturers Call for Action on Ex-Im in Lame Duck

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NAM Tells Congress to Put Politics Aside and Restore Bank to Full Functionality

National Association of Manufacturers (NAM) President and CEO Jay Timmons issued the following statement calling on Congress to use the lame-duck session to restore the U.S. Export-Import (Ex-Im) Bank to full functionality:

“As long as the Ex-Im Bank cannot fully operate, America will lose manufacturing jobs to other countries, which are winning new sales and manufacturing while our hands are tied. It’s time for Congress to show some backbone—and real leadership—to make the agency work again for hardworking Americans across the country. Jobs and livelihoods cannot be sacrificed to score a political point. A supermajority of Congress has already settled the question of Ex-Im reauthorization. Voters just reaffirmed the importance they place on strengthening manufacturing, and manufacturers need a fully functional Ex-Im Bank to compete and win again in the global economy. Anything less means manufacturers in the United States will lose. In fact, our foreign competitors would love to see the Ex-Im Bank remain hobbled.”

CONTACT: Jennifer Drogus, (202) 637-3090

Quorum Call – Ex-Im Board Needs Directors Confirmed to Operate Fully

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This week, U.S. Export-Import (Ex-Im) Bank users, stakeholders and government officials, including members of the administration, will convene in Washington, D.C., for the 2016 Annual Ex-Im Summit. There’s reason to celebrate at this year’s conference as the Ex-Im Bank, a critical tool for businesses of all sizes across the United States, was reauthorized last December by a supermajority in Congress after an extensive advocacy campaign. While the Ex-Im Bank’s doors are open, it can’t operate at full capacity because three of the five seats on its board of directors are empty. As a result, the Ex-Im Bank lacks the necessary quorum to review and approve certain transactions. If Congress fails to act on the pending nomination to the board, the agency will be handicapped in its mission to help U.S. exporters compete and succeed in the global consumer marketplace. With 95 percent of those consumers outside our borders, the Ex-Im Bank helps exporters take advantage of huge market opportunities overseas that will fuel job growth here at home.  Read More

House Passes Highway Bill Conference Report: Now Debate Moves to Senate

By | Infrastructure, Shopfloor Main, Shopfloor Policy | No Comments

highway final passage jay quoteReliable infrastructure and sustained investment is key to manufacturers’ competiveness and today, the House overwhelmingly approved a conference report for a long-term highway bill. This bill, which includes many key priorities for manufacturers, is welcome news after years of short-term extensions.

Before the vote, the NAM issued a Key Vote letter on this legislation that outlined the many manufacturing priorities included in the bill, including a critical multi-year authorization of the Export-Import Bank. Read More

Surprised by Tuesday’s Ex-Im Vote? Don’t Be.

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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

Exporters for Ex-Im: Chief Pickle Officer Needs Ex-Im to Continue Overseas Sales

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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

NAM Hosts Shopfloor Event on Heels of Senate Ex-Im Vote

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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.

Shopfloor Ex Im

U.S. Representative Chris Collins (R-NY) addresses the importance of Ex-Im reauthorization during a Shopfloor briefing on Capitol Hill Tuesday morning.

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.

NAM Continues Executive Insights Series in Cleveland

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The NAM’s Jay Timmons joined leading manufacturing CEOs from Sherwin-Williams, Marlin Steel and Goodyear Tire and Rubber Company in Cleveland yesterday as part of the NAM’s Executive Insights series. Panelists discussed the importance of advancing policies and regulations to support manufacturing, and in turn, create jobs and grow the economy in Ohio and across the United States.

Manufacturers’ contribution to the U.S. economy has steadily risen since 2009, reaching $2.09 trillion in 2014. In Ohio alone, manufacturing output was $99.83 billion in 2013, directly employing 682,600 jobs in the state in 2014. However, we need the right public policy and tools to keep America growing –to promote free and fair trade, diverse energy options, immigration reform, tax, health care and legal reform, and improved infrastructure. Read More

Small- and Medium-Sized Ex-Im Users Head to White House

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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

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