Fed update: Ex-Im Bank expiration hurts manufacturing jobs

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Capitol Update, Aug. 28, 2015 Share this on FacebookTweet thisEmail this to a friend

Last month Congress failed American workers by letting the U.S. Export-Import (Ex-Im) Bank expire. That means the Bank is now closed for business, jeopardizing pending sales and thousands of U.S. jobs that depend on selling goods overseas.

For example, a large Boeing Co. satellite contract is at risk due to the loss of the Bank’s operating charter. Every day that Congress waits to renew the Bank is another day foreign competitors gain an advantage over U.S. companies.

CMTA submitted a letter to the California delegation of Congress requesting it’s extension. We were also active in supporting a California State Joint Resolution, AJR 14, urging Congress to re-authorize the Bank, which was adopted.

The good news is that we have support from most Members of Congress – we just need them to take action when they return to work. You can help. Use your Twitter accounts to send Congress a message by TWEETING THIS Ex-Im TWEET.

Key U.S. industries, small and large, are supported by the Bank’s mission to assist in financing the export of U.S. goods and services to international markets. Examples of industries that are supported by the Bank include Oil/Gas, Mining, Agribusiness, Renewable Energy, Medical Equipment/Services, Construction Equipment/Services, Aircraft and Power Generation.

The Bank helps to cover critical trade finance gaps by providing loan guarantees, export credit insurance, and direct loans for U.S. exports in developing markets where commercial-bank financing is unavailable or insufficient. Many other nations have aggressive trade finance programs. Foreign-headquartered corporations are often armed with substantial, attractive government-backed export finance packages.

The Bank is a vital tool to help grow U.S. exports and increase American jobs. As the official export credit agency of the United States, The Bank assists in financing U.S. exports from thousands of American companies and bolsters our global competitiveness. In fact, nearly 90 percent of the Bank’s transactions directly support U.S. small business. The Bank operates at no cost to the taxpayer, and it has a track record of generating a profit for the government. 

Here's how it has benefited California:

  • $20,982 billion in supported exports (U.S. $235 billion)
  • 952 supported companies  (U.S. 7,340)
  • 134,075 supported jobs  (U.S. 1,501,650)

Feel free to email info@exportersforexim.org for additional questions on the issue or how you can help more.

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