Tag: Export-Import Bank

Do the Right Thing – Confirm Hochberg

The Senate will have an opportunity next week to the right thing by confirming Fred Hochberg for a second term as the Export Import Bank’s president. This isn’t a small ball vote – it’s a vote for the more than 255,000 jobs in the United States that depend on financing from the Ex-Im Bank and for the $6 billion in small business support that the Ex-Im Bank was responsible for last year alone.

This vote is especially important to manufacturers because Mr. Hochberg has been a champion for the manufacturing community and recognizes the importance of role we play in the economy. In March, Mr. Hochberg told the NAM’s Member Focus magazine that “creating and supporting jobs through exports is our mission and our passion”. Because the Ex-Im Bank needs to maintain a quorum for its Board of Directors, waiting to confirm Mr. Hochberg is a dangerous game that would mean a backup in Ex-Im Bank approvals – putting jobs at risk.

Manufacturers want to reach new markets, grow jobs and increase our global competitiveness – and they want the Senate to confirm Mr. Hochberg.

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President Obama Signs Ex-Im Reauthorization into Law

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.

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Senate Expected to Vote on Ex-Im Bank Today

Today the Senate is expected to consider H.R. 2072 to reauthorize the Ex-Im Bank along with several amendments. The NAM has sent a Key Vote letter to senators urging support for the Bank which is so critical to small and medium-sized manufacturers.

Below is an excerpt from the Key Vote letter:

The Ex-Im Bank levels the playing field for U.S. exporters by matching credit support other nations provide, ensuring that our nation’s manufacturers can compete based upon the price and performance features of their products. It also enables small and medium-sized manufacturers to capture new markets in emerging economies abroad. In FY2011, the Bank supported more than $41 billion in export sales from more than 3,600 companies, supporting approximately 290,000 export-related American jobs.

Manufacturers are urging all senators to support H.R. 2072 to reauthorize the Ex-Im Bank and to increase its lending authority.

 

 

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House to Vote on Ex-Im Bank Reauthorization this Week

This week the House is expected to vote on the reauthorization of the Export-Import Bank. Late last week Majority Leader Cantor and Minority Whip Hoyer came to an agreement on a deal that will extend the Bank’s lending limit to $140 billion through 2014.

This is great news for manufactures and we are urging all members of the House to support this commone sense reauthorization that will support jobs and exports. Today, NAM Senior Vice President for Policy and Government Relations sent a Key Vote letter to members of the House urging support.

From the letter:

The Ex-Im Bank levels the playing field for U.S. exporters by matching credit support other nations provide, ensuring that our nation’s manufacturers can compete based upon the price and performance features of their products. It also enables small and medium-sized manufacturers to capture new markets in emerging economies abroad. In FY2011, the Bank supported more than $41 billion in export sales from more than 3,600 companies, supporting approximately 290,000 export-related American jobs.

Denying Ex-Im reauthorization will hurt manufacturers of every size and threaten thousands of U.S. manufacturing jobs. Small and medium-sized companies are particularly vulnerable – both those that receive direct Ex-Im Bank support as well as those that supply larger companies.

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On Ex-Im Bank the Facts are Clear

Yesterday a post on National Review’s The Corner blog contains some clear inaccuracies regarding the Export-Import Bank and what it means to manufacturers, both large and small.

This post would have you believe that the Bank only helps large companies when in fact the Bank is doing more and more every year for small manufacturers. In fact, more than 85 percent of the Bank’s transactions in 2011 were in direct support of small businesses. Thousands of small and medium-sized manufacturer rely heavily on the Ex-Im Bank to be able to compete globally. Without the Bank many of these companies will lose out on deals to overseas competitors, costing jobs here at home.

The Corner post also misses a key fact that Ex-Im Bank actually makes money for the taxpayers. It’s difficult to make the argument that Ex-Im is a costly program when over the past five years the Bank has returned more than $3.4 billion to the Treasury. The numbers show the facts loud and clear. And if the Bank isn’t reauthorized it would actually increase the deficit, and an offset would be needed to fill the void left from the money Ex-Im returns to Treasury. 

The bottom line is our competitors overseas are outpacing us when it comes to export financing. Our competitiveness, jobs and ability to grow exports will be hurt if the Bank is not reauthorized. The Bank is essential to the engine that drives our economy, small businesses. Just click here to read first-hand testimonials about what the Bank means to these businesses.

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Senate to Vote on Export-Import Bank Reauthorization

Shortly the Senate will vote on an amendment to reauthorize the Export-Import Bank which is critical to the goal of doubling exports and jobs. The Bank assists thousands of small and medium-sized manufacturers reach new markets and sell their products around the globe that might otherwise not be possible.

If Congress fails to act and reauthorize the Bank we will be left in the dust by our competitors who are providing hundreds of billions more in export financing. Just in 2010 alone the export credit agencies in Brazil and China provided 10 times more financing to their exporters, as a share of GDP. Washington needs to act to put manufacturers in the United States on a level playing field.

We hope that senators will vote for exports and jobs today and approve the reauthorization of the Ex-Im Bank.

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Export-Import Bank Means Jobs for Small Businesses

Tomorrow the Senate is expected to vote on an amendment which will reauthorize the Export-Import Bank. Last week the NAM issued a Key Vote letter on the amendment.

The facts are crystal clear that the Ex-Im Bank supports jobs and helps small and medium-sized manufacturers in the U.S. grow exports. More than 85 percent of the Ex-Im Bank’s transactions directly support small business.

The Washington Post’s Olga Khazan reports on what the Bank means to Patton Electronics based in Gaithersburg, MD:

Bobby Patton is the embodiment of the idea that increasing exports can help grow jobs. His Gaithersburg telecom company, Patton Electronics, first began selling routers and other devices to overseas customers during the 1990s. As exports began to comprise a greater percentage of his revenue, his bank began to take notice.

“Our local bank didn’t want to lend against those international receivables the way they lend against domestic receivables,” he said.

The threat of Congress failing to reauthorize the Bank has caused Mr. Patton to put on hold expansion plans:

Meanwhile, Patton said, his local bank has already put the brakes on his plan to expand to a new manufacturing facility.

“We have a contract to acquire a new building and move into a new manufacturing facility, and the bank is saying they don’t want to add more debt if Ex-Im is going to be changing what they’re doing on international borrowing,” he said. “They don’t want to add more risk.”

Also, CBS Evening News ran a segment this past weekend featuring small manufacturers Air Tractor based in Olney, Texas. Air Tractor uses the Ex-Im Bank to help export their products all over the world and if the Bank is failed to be reauthorized it could negatively impact their business.

Manufacturers urge senators to stand up for jobs and exports tomorrow and vote for the reauthorization of the Ex-Im Bank.

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Timmons and Wetherington: Ex-Im Bank boosts small business

Today the Washington Times ran an op-ed from National Association of Manufacturers President and CEO Jay Timmons and BTE Technologies President Chuck Wetherington about the importance of the Export-Import Bank to small businesses. The Bank allows small companies, like BTE, to level the playing field against our competitors overseas.

The financing provided by the Bank allows these companies to export to new markets throughout the world. For instance the Bank has helped BTE grow to export to nearly 40 different countries.

From the Washington Times piece:

Today, BTE exports to China, Russia, Japan, Korea, most of the European Union and other countries – almost 40 in total. With the assistance of Ex-Im Bank, BTE is negotiating a deal to export to Saudi Arabia in the near future – a relationship that would contribute upward of 10 percent of the company’s total product revenues.

BTE is not alone. Many other small businesses have sought the assistance of Ex-Im Bank and reaped the benefits of expanded market access. In fact, most of the bank’s activities directly support small businesses. In today’s global economy, seeking out opportunities abroad is indispensable.

As members of Congress consider the reauthorization of the Bank we ask them they take into careful consideration the Bank’s success in helping small and medium manufacturers grow. If we are to continue to create jobs and reach the goal of doubling exports the Ex-Im Bank must play a role to help level the playing field for manufacturers in the United States.

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Bloomberg View: Reauthorize the Ex-Im Bank

What’s often lost in the ongoing debate over the reauthorization of the Export-Import Bank is how we are being out-paced by our global compeittors when it comes to export financing. If we are truly going to meet the goal of doubling exports by 2014 then the Ex-Im Bank will play an important role and its lending limit must be increased.

The editorial staff at Bloomberg View agrees that the Bank must be reauthorized posting an editorial yesterday titled, “Export-Import Bank Is U.S. Growth Engine That Can Do More: View.” In the piece they state how we are being left behind by our competitors including China.

Equipping the bank with the tools it needs to help U.S. exporters (USTBTOT) has long made sense, but it’s even more critical now, as emerging markets begin making aggressive use of trade financing. Rather than adhering to international standards set by the Organization for Economic Cooperation and Development, countries such as Brazil and China are offering much more generous terms to give their own exporters an advantage. China has begun offering lower interest rates or longer repayment terms than international guidelines allow. In 2010, China supplied $45 billion in long-term export loans and loan guarantees, while the U.S. provided just $13 billion, according to a Bloomberg Government analysis. Last year, the U.S. for the first time agreed to match China’s cheaper financing terms to get the Pakistani government to buy those GE trains.

They stress that it would be “irresponsible” to not reauthorize the Bank.

Given the weak recovery and the need for exports to power economic growth, it would be irresponsible to pull the plug on the Export-Import Bank.

The time is now for Congress to move forward with reauthorizing the Ex-Im Bank for our economy and jobs.

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Brookings Official: Export-Import Bank Necessary to Double Exports

With each passing day we get closer and closer to the Export-Import Bank reaching its lending cap and not being able to guarantee loans. This puts in jeopardy many projects that manufacturers have planned for later this year which will impact jobs at companies of all sizes.

Yesterday Devashree Saha, senior policy analyst for Brooking Metropolitan Policy Program, blogged about the importance of the Ex-Im Bank at The New Republic, specifically singling out what it means to small and medium-sized companies.

Most important though, the Ex-Im Bank addresses a critical market failure. The bank operates as a “lender of last resort” responding to risks shunned by private sector finance. To that end, the bank focuses on exports by small- and medium-sized companies that otherwise would find it difficult to access private sector funding, including those with riskier but innovative technologies.

Saha also discusses how we are being out paced by our global competition when it comes to export financing, a fact that threatens our nation’s competitiveness.

The United States faces a tough global market for exports. ECAs of other countries–especially ECAs in emerging economies that offer aggressive below-market loans to gain an edge in the global marketplace skirting Organization for Economic Cooperation and Development (OECD) rules–provide several times more export assistance as a share of GDP than the United States does. 

Given these realities, reauthorizing and reforming the Ex-Im Bank’s financing operations for exports is a priority. Without it, meeting President Obama’s National Export Initiative goal to double exports by 2015 will be difficult.

The facts are clear that the Ex-Im Bank needs to be reauthorized and the lending limit increased to continue growing exports and ensure our nation’s competitiveness.

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