ICYMI: Ex-Im Hearing Explores Philosophy vs. Reality for Job Creators
In today’s Senate Banking Committee hearing, “Perspectives On The Export-Import Bank,” Linda Dempsey, VP International Economic Affairs at the National Association of Manufacturers (NAM) discussed the difference between economic philosophy and the reality of a fiercely competitive global economy for U.S. exporters.
Senator Joe Donnelly (D-IN) framed this contrast well: “For them [small businesses], this is not about a theoretical exercise, this is about whether or not they have work to do.”
While critics focused on free-market theory and philosophical economic concerns, Dempsey highlighted the tangible stakes Ex-Im reauthorization has for small business owners across the United States.
Below are three quotes highlighting the real issues job creators would face without Ex-Im:
Linda Dempsey Of NAM Says “If Ex-Im Is Closed, Small Businesses Will Feel It First.” “For small businesses, there are already 3,300 small business transactions in 2014. Five hundred forty five companies were first time Ex-Im users and probably first time exporters too. They are the direct Ex-Im users, but they also supply to some of the big companies out there that export. If Ex-Im is closed, small businesses would feel it first.”
Small Businesses Will Be Harmed If Ex-Im Is Not Reauthorized. “Without Ex-Im, small businesses will be faced almost immediately with the loss of that working capital, and they will have to face the dilemma about whether they are going to pay their workers or pay the mortgage on their facility.”
U.S. Will Cede Sales To Overseas Competitors Who Are “Moving Forward Aggressively” If Ex-Im Expires. “As the U.S. Congress debates the future of Ex-Im, our trading partners are moving forward aggressively. Last year, the NAM put out a report, The Global Export Credit Dimension, that documented the over 60 ECAs worldwide and their massive foreign export credit. The ECAs of our top nine trading partners provided nearly half a trillion dollars just in official funding, and countries like China, South Korea, Canada, and Brazil are growing massively. Without Ex-Im, the U.S. will be ceding sales to our competitors overseas at the cost of manufacturing and jobs domestically.”