ICYMI: Ex-Im’s Lapse Harms Texas and Indiana Businesses
Congress let the Ex-Im Bank’s charter expire at the end of June, and now companies from around the country are speaking out about the negative impacts from Ex-Im’s lapse.
The Fort Worth Star-Telegram called on Texas politicians opposed Ex-Im to reconsider their position, stating that Ex-Im is about “growth, jobs, and success for Texas’ major employers and new employers,” and that continued opposition will cost the state jobs.
And in Indiana, the CEO of the St. Joseph County Chamber of Commerce wrote an editorial in South Bend Tribunedetailing the value of Ex-Im to the Hoosier state.
Please see additional highlights about the negative impacts of Ex-Im’s lapse below.
St. Joseph Chamber of Commerce Says Ex-Im Supports Indiana Jobs. “In the past seven years, the bank has supported $2 billion worth of exports from more than 100 Indiana companies. The top export destinations have been Mexico, Nigeria and Canada. Businesses in north central Indiana have utilized the bank more than businesses in any other part of Indiana.” (Jeff Rea, “To Grow, Exporters Need Ex-Im,” South Bend Tribune, 9/2/2015)
Indiana Companies Will Be At A Disadvantage Without Ex-Im. “Now it’s up to Congress to consider renewal of the Ex-Im Charter as it reconvenes in Washington this fall. An important vote is likely to follow on this crucial program that helps small businesses, fills a significant need in the market, returns a profit to the government, and helps maintain our competitive edge in the global economy. Northern Indiana businesses are hoping for quick congressional action.” (Jeff Rea, “To grow, Exporters Need Ex-Im,” South Bend Tribune, 9/2/2015)
GE Looks Past Dallas For Relocation. “GE told Dallas business leaders in recent days it would look elsewhere for alternatives to its Connecticut home, said the people, who asked not to be identified because details aren’t public. They said GE cited some Texas lawmakers’ opposition to the U.S. Export-Import https://exportersforexim.org/files/2015/09/bank, an important source of financing for some overseas sales.” (Rick Clough, “GE Said to Drop Dallas Relocation Site Over Ex-Im Fight,” Bloomberg, 8/28/2015)
Ex-Im Creates Growth And Texans Will Miss Out On Potential Jobs. “Now that General Electric Co. has scratched DFW as a potential headquarters site over what Bloomberg News described as Texas’ ‘unfavorable’ political climate, Texans see what the Ex-Im Bank is really about: growth, jobs and success for Texas’ major employers and new employers.” (Editorial Board, “In Local Campaign Swing, Cruz Should Answer Ex-Im Questions,” Star-Telegram, 9/1/2015)
Texas Elected Officials Who Are Against Ex-Im Are Harming Texas’ Businesses. “The Texas Association of Business and Texas Association of Manufacturers have strongly supported renewing the Ex-Im Bank’s charter. Texas companies lead the U.S. in exports and ‘need every tool’ to compete globally, association Presidents Chris Wallace and Tony Bennett wrote in a joint statement: ‘It’s baffling that members of Congress have chosen ideology over jobs supported by Ex-Im, one of the most important tools we have to support exports. Their actions will deliberately harm Texas.’” (Editorial Board, “In Local Campaign Swing, Cruz Should Answer Ex-Im Questions,” Star-Telegram, 9/1/2015)