What They Are Saying: Support for a Fully Functional Export-Import Bank Grows
The Export-Import Bank is a critical U.S. government tool for leveling the playing field against foreign competition for American exporters of all sizes. It’s especially valuable for supporting exports in the aerospace industry, providing government-backed loan guarantees when private financing is not available.
…Should the nominees be confirmed, the Bank will be fully functional for the first time in four years. By creating quorum for the Bank, we are sending a clear signal that America is serious about competing in the global marketplace.”
– Eric Fanning
“Ex-Im plays a vital role in supporting U.S. exporters by leveling the trade finance playing field for American companies, which often face tough competition from foreign companies that enjoy significantly more generous official export credit assistance from their home agencies. Without Ex-Im’s support, U.S. exporters are competing for customers with one arm tied behind their backs.
Confirmation of these nominees — all of which have been reported out of the Senate Banking Committee with overwhelming bipartisan support — would ensure that Ex-Im can get back to its critical mission. There is currently a backlog of nearly $40 billion in pending deals awaiting board approval at Ex-Im, deals which would support well-paying American jobs. A quorum on Ex-Im’s board would also finally ensure that many of the reforms which Congress mandated in the 2015 reauthorization are implemented.”
“The Bank helps finance American exports of manufactured goods and services, with the objective of contributing to the employment of U.S. workforce, primarily in circumstances when alternative financing is not available. More than 90 percent of Ex-Im’s transactions in fiscal year 2016 directly supported small businesses. But Ex-Im cannot continue to level the playing field if it is not even allowed to function properly — as is the case right now. Since 2015, it has not had the quorum of at least three members it needs to finance deals or projects worth more than $10 million.
Without Senate action, the Ex-Im Board will continue to lack the quorum it lost—and thus its ability to operate as mandated by Congress. Given the lack of a quorum, as of summer 2018, there is $43 billion in transactions awaiting approval that Ex-Im estimates could support 250,000 U.S. jobs. This floor vote will allow the export credit agency to resume full lending operations and approve deals worth more than $10 million.”
“[The Ex-Im Bank is] a financial tool and a national security weapon. …I want to go head to head with China and others and make sure we can whup them.”
The White House
“And here’s another brutal truth: The fight for exports in world markets is no longer just company versus company. It is also country versus country.
…Since EXIM lost its quorum in 2015, the United States economy has lost $20 billion in overseas opportunities. Right now, EXIM has $40 billion in transactions sitting in its pipeline, just waiting for a quorum.
If these transactions were simply to move forward, they would support almost a quarter of a million American jobs.”
The White House
“The Ex-Im Bank has been hobbled for more than four years now, unable to consider any major U.S. sales greater than $10 million and unable to implement the reforms still outstanding from the 2015 Ex-Im Bank reauthorization. Manufacturers in America have lost approximately $119 billion in output as a result, translating into 80,000 fewer American manufacturing jobs in 2016 and 2017. At the same time, nearly 100 foreign export credit agencies supported by countries from China and Russia to Brazil and Germany have been growing to promote exports on behalf of their industries and workers. The Senate must act to reverse this loss and restore the Ex-Im Bank to full operation by confirming Reed, Bachus and Pryor to the Ex-Im Bank Board.”