Congress Puts U.S. Manufacturers, Exporters At Risk In Ex-Im Bank Lapse

The Exporters for Ex-Im Coalition released a statement on the pending lapse of the charter for the U.S. Export-Import Bank:

“By allowing the Ex-Im Bank to lapse, Congress has unilaterally disarmed U.S. manufacturers and exporters and allowed their overseas competitors to thrive. Without Ex-Im, many U.S. companies will lose work and many U.S. workers could eventually lose their jobs. The private banking sector has made it clear that they will not step in to fill this void. Voters sent lawmakers to Washington to lead our nation to greater prosperity and global leadership, not to undermine manufacturers and job creators. It’s unfortunate that the consequences ignored by a few will be borne by many. We urge Congress to reauthorize the Ex-Im Bank when it returns in July.”

Below are quotes from job creators and business leaders who say they’ll be harmed by the closure of the Ex-Im Bank. Congress needs to vote on Ex-Im as soon as it returns in order to limit damage to the American economy.


California Small Business Owner Says Ex-Im Lapse Will Be “Devastating.” “‘It’s going to be devastating for us,’ said Don Nelson, chief executive of ProGauge Technologies Inc., a Bakersfield manufacturer of oil industry equipment. ‘Basically, we just won’t be able to export anymore.’” (Jim Puzzanghera, “Export-Import’s cloudy future raises worries of job losses,” Los Angeles Times, 6/26/15)


Concerned Citizen: “Make No Mistake: The Export-Import makes a difference here.” “Then there’s Gulfstream, a vital industrial employer and corporate presence in our community. Ten years ago, 18 percent of the fleet was based outside the United States. Today that figure is 35 percent. Sixty percent of its backlog is international. Make no mistake: The Export-Import makes a difference here.” (William Broker, “Reauthorize The Ex-Im,” Savannah Morning News, 6/26/15)


Ex-Im Reauthorization Is Critical For Supporting “Job-Creating Illinois Companies.” “Not only does the Export-Import support job-creating illinois companies such as deere & co. and caterpillar, but 90 percent of its transactions directly serve american small businesses, like gsi, an agriculture equipment manufacturer based in assumption and many more across our state. reauthorizing the export-import bank is especially critical in today’s globalized economy where illinois companies are not only competing against those from missouri, wisconsin and indiana, but those from china, india and from all corners of the globe.” (Rep. Cheri Bustos (IL-17) and Rep. Rodney Davis (IL-13), “Why Export-Import is good for illinois,” Rockford Register Star, 6/27/15)


Failure To Reauthorize Ex-Im Means That It “Soon Will Be Impossible” For Some Exporters To Attract International Business. “‘We could never work with these companies without the Export-Import,’ mcfee said. ‘Before we could not find a private creditor to help us with this’…Soon it will be impossible, McFee said, to get new foreign business, which is typically the company’s largest orders.” (Lincoln Wright, “Loss of Ex-Im Bank Could Affect Local Manufacturers,” South Bend Tribune, 6/28/15)


The Loss of Ex-Im Could Be “Bad News To A Number Of Large And Small Businesses In Minnesota.” “Killing Ex-Im, as the bank is known, would not kill Frame’s company. ‘But it would certainly put a dent in our capabilities and would have a ripple effect on people here and backward through our machine shops and material suppliers,’ he said…This will come as bad news to a number of large and small businesses in Minnesota. Since 2007, Ex-Im Bank has helped 217 companies in the state secure $3 billion in foreign sales, the government said.” (Jim Spencer, “Congress Plans No Votes On Export-Import as authorization set to run out,” Star Tribune, 6/27/15)

Congressman Collin Peterson (MN-7): Ex-Im Demise Is Causing Exporters To Worry “Not Only About Their Business, But Also About Their Customers.” “‘When I talk to business owners all around the district, they tell me they are worried not only about their business, but also about their customers. Without their customers, they won’t be in business,’ Peterson said.” (Juliana Thill, “Peterson Sees Value In Export-Import,” Hutchison Leader, 6/29/15)

New York

New York Business Owner Says U.S. Is Going To “Lose Exporting Power” Without Ex-Im. “Susan Axelrod admittedly got into business by accident. The Long Island, New York, housewife began making quiches in her home kitchen in 1973, and grew her company, Love & Quiches Gourmet, in part by exporting her products to places such as Qatar and Japan…If the bank’s charter is not reauthorized, ‘the U.S. is going to lose our exporting power,’ Axelrod said. ‘China and other exporting countries are chomping at the bit to take that business.’ She said as much as 30 percent of her business comes from international markets.” (Kate Rogers, “Entrepreneurs Who Do Biz Overseas Await Bank’s Future,” CNBC, 6/29/15)

North Carolina

North Carolina Business President Says It Will Be A “Real Shame” If We Lose Ex-Im. “As the federal Export-Import prepares to sunset because of congressional inaction, local companies that rely on the bank are not enjoying the view. ‘it would be a real shame if the export-import bank program is not continued,’ russell la belle, president of wilmington machinery, said monday. his company has used the services of the bank to help sell its blow molding and plastic injection molding machinery abroad.” (jenny callison, “local companies disappointed at export-import bank sunset,” WilmingtonBiz6/29/15)


The Key To Tennessee Exporters’ Success, The Ex-Im Bank, “Is Not A Secret At All.” “The secret to Jackson’s success is not a secret at all: the Export-Import of the united states has played a key role in keeping manufacturing lines humming across western tennessee and workers employed here in jackson.” (Lt. Gen. John Castellaw USMC (Ret.) and George Ingram, “Ex-Im Keeps Jackson Chugging Along,” The Jackson Sun, 6/27/15)


Without Ex-Im, Boeing Will Face A Significant “Competitive Challenge” In Global Arena. “‘The lapse creates a competitive challenge for us,’ wrote Boeing Capital Corporation Communications Director Allison Bone in an email. ‘Airbus has three government export credit agencies supporting its sales. We have ongoing campaigns with airlines that have used the bank in the past and could need to use it again.’” (Steve Wilhelm, “Big Blow For Boeing As Congress Allows Ex-Im Bank To Sunset,” Puget Sound Business Journal, 6/26/15)