Ex-Im Users Applaud Sec. Mnuchin for Reaffirming Commitment to Bank
American manufacturers were heartened to hear Treasury Secretary Steve Mnuchin underscore President Trump’s support for restoring the full functionality of the U.S. Export-Import Bank during his testimony before Congress today.
“The president is very interested in reopening the Export-Import Bank,” Mnuchin told members of a House Appropriations subcommittee, according to Politico. “Our first choice is to get people confirmed and have it fully functioning, but to the extent we can’t do that, we’re happy to work with you and look at the legislation.”
The Ex-Im Bank plays a critical role for manufacturing in the United States, allowing U.S. exporters to compete on a global scale for the 95 percent of consumers who are located outside our borders. More than 90 percent of the bank’s transactions in fiscal 2016 directly supported small businesses. But the bank cannot continue to level the playing field if it is not even allowed to function properly—and that’s exactly the case right now. The bank currently lacks a quorum on its board of directors, leaving it hobbled, unable to even fully function much less support American jobs.
The bank’s function is important to manufacturing businesses of all sizes. That was one of the points made by BTE Technologies President Chuck Wetherington, a member of the National Association of Manufacturers (NAM) Executive Committee, during testimony before the House Small Business Committee this week as well.
That’s why manufacturers and the 1.4 million Americans whose jobs depend on the Export-Import Bank have repeatedly urged policymakers to restore a quorum on the bank’s Board of Directors.
We are very glad to hear that the President agrees. We urge him to join us in calling for the Senate to act on the stalled nominations of four of his nominees to the bank’s Board of Directors so we can all help our joint mission of supporting U.S. manufacturers.