Washington, D.C., 06/23/14 - The National Association of Manufacturers (NAM) and U.S. Chamber of Commerce today gave voice to the more than 200,000 employees at 3,400 companies who depend on the U.S. Export-Import (Ex-Im) Bank by announcing a coalition focused on protecting jobs and competitiveness and urging Congress to act swiftly to reauthorize the bank before its charter lapses on September 30. Among the first steps taken by the coalition is the release of a letter from more than 800 companies and associations of all sizes showing the tremendous breadth and depth of support for the effort.
“The Ex-Im Bank is critical to leveling the playing field in a fiercely competitive global economy where many foreign export credit agencies offer generous terms to our competitors,” said Jay Timmons, president and CEO of the NAM. “Reliable access to export financing is vital to our global competitiveness, particularly in today’s unsettled financial environment. Manufacturers in the United States can’t afford to be defenseless in the global marketplace. Allowing the Ex-Im Bank to shut its doors would be a gift to foreign producers overseas and would result in the loss of exports, manufacturing and jobs here in the United States.”
“This letter shows the overwhelming support for the Ex-Im Bank from American companies of every size, sector and state,” said Thomas J. Donohue, president and CEO of the U.S. Chamber of Commerce. “With Americans overwhelmingly focused on the need to create jobs and grow our economy, business owners are understandably perplexed by the inside-the-Beltway campaign against the Ex-Im Bank. In particular, the thousands of small businesses that depend on the bank to be able to access foreign markets are stunned at the threat that Washington could let its charter lapse. However, we won’t let that happen.”
Securing reauthorization of the Ex-Im Bank is one of the business community’s top legislative priorities for the year. The bank’s support is especially important to small and medium-sized businesses, which account for nearly 90 percent of the bank’s transactions. The NAM and the Chamber have organized more than 350 Hill meetings on this issue and created a website with small business success stories, myths and facts about the Ex-Im Bank as well as a call to action for businesses to show their support. More information can be found here.