Business Leaders: Fully Functioning Ex-Im Bank Essential to Competitiveness
Washington, D.C., April 8, 2016 – Following the conclusion of the 2016 Annual U.S. Export-Import (Ex-Im) Bank Summit, National Association of Manufacturers President and CEO Jay Timmons and U.S. Chamber of Commerce President and CEO Thomas J. Donohue issued the following joint statement on the importance of a fully functioning Ex-Im Bank to competitiveness.
“The Ex-Im Bank is a critical tool for ensuring manufacturers in the United States remain competitive in an already tough global economy. Right now, our global competitors are supporting their exporters with aggressive export credit financing at a rate of 20 to 1 compared to the United States.
“Manufacturers and other businesses need the Ex-Im Bank supporting U.S. exporters at full capacity. However, without a quorum, the Ex-Im Bank cannot do this, and as a result, many exporters in the United States are stuck in neutral, unable to get their products to customers overseas. Policymakers need to focus on making America the most competitive country in the world, and keeping the Ex-Im Bank operating at only half capacity puts businesses of all sizes at risk of losing projects—and ultimately jobs—to foreign companies with better access to financing.”
Learn more about the importance of the Ex-Im Bank to businesses of all sizes here.