ICYMI: 160 U.S. Mayors Urge Congress To Support Ex-Im
In a letter to Congressional leadership last week, mayors from 160 cities around the country asked for a reauthorization of the Ex-Im Bank.
In their letter, the Mayors asserted “without support from the Export-Import https://exportersforexim.org/files/2015/03/bank, businesses in cities nationwide will face little or no financing alternatives, putting u.s. jobs in jeopardy… contrary to what critics have argued, these businesses cannot rely on support from the private sector should the bank’s charter expire.”
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U.S. Mayors: Ex-Im Supports ‘Crucial Contributor’ to American Economy: “In 2013, Ex-Im Bank provided more than $27.3 billion in financing, enabling $34.7 billion in exports and supporting more than 205,000 jobs nationwide. These jobs come from businesses of all sizes – not just large businesses as opponents have argued… Small businesses need more certainty and protection to compete in new markets and help create jobs, which explains why Ex-Im Bank has financed more small businesses in the last five years than in the previous 11 years combined. In FY 2013, nearly 90 percent of Ex-Im Bank’s transactions supported American small businesses.” (Letter To Congressional Leadership, 2/25/15)
Ex-Im Balances Playing Field For American Firms Competing Globally: “Support from the Ex-Im Bank enables local American businesses to get the financing needed to stay competitive internationally. In an ever-global economy, American businesses need the assurances provided by Ex-Im Bank financing to reach lucrative markets overseas. Furthermore, this financing is needed to compete with global competitors such as China and Germany with export credit agencies many times the size of the U.S. Ex-Im Bank… Allowing the Ex-Im Bank’s charter to expire only jeopardizes American jobs and businesses in our cities, and puts U.S. exporters at a sharper disadvantage to global competitors.” (Letter To Congressional Leadership, 2/25/15)