ICYMI: Job Creators Call On Congress To Reauthorize Ex-Im And Keep U.S. Businesses Competitive
U.S. job creators’ frustrations grow with each passing day that Congress fails to reauthorize the Export-Import Bank.
In an op-ed in Politico’s The Agenda, Boeing chairman Jim McNerney said, “I never thought I’d see the day that U.S. companies would, in effect, be penalized by their own government for not setting up shop overseas…That day is now within sight if the Congress fails to re-authorize the Ex-Im Bank.”
Caterpillar Vice President Kathryn Karol said in an op-ed in The Hill, “Each day that United States exporters compete without Ex-Im they risk losing opportunities, unable to bid on contracts despite having the best products and most productive workforce.”
These are just two of many U.S. exporters warning of major economic consequences if Congress does not reauthorize Ex-Im. The message for Congress is clear: renew Ex-Im, or risk losing U.S. exports and jobs.
See additional quotes from the op-eds below.
Boeing Chairman Says Ex-Im Loss Could Cause “Global Race To The Bottom.” “Without American influence, this effective trade governance system could fall apart completely, resulting in a global race to the bottom that would be particularly damaging for high-end U.S. manufactured goods, like airplanes, satellites and heavy machinery. These products are extremely expensive and can be difficult to finance, especially for customers in emerging markets. This explains why the sales of major U.S. manufacturers make up the bulk of the dollar value of Ex-Im credit assistance—a common talking point of Ex-Im critics—even though small- and medium-sized businesses represent nearly 90 percent of the transactions.” (Jim McNerney, “Ex-Im Is Necessary In An Imperfect World,” The Agenda, 7/27/15)
Boeing Chairman: Ex-Im Reauthorization Will “Show America’s Businesses, Workers, And Communities That Washington Has Their Back.” “In my four decades with leading U.S. exporters, I never thought I’d see the day that U.S. companies would, in effect, be penalized by their own government for not setting up shop overseas and, in the case of Boeing, expanding our domestic production and workforce by billions of dollars and thousands of jobs. That day is now within sight if the Congress fails to re-authorize the Ex-Im Bank. By contrast, a vote for a long-term bank authorization will show America’s businesses, workers and communities that Washington has their back as we strive together to make our country the great manufacturing power it once was, and can be again.” (Jim McNerney, “Ex-Im Is Necessary In An Imperfect World,” The Agenda, 7/27/15)
Caterpillar Vice President: Losing Ex-Im Harms U.S. Economy In Short And Long Run. “Unfortunately, our country is now facing the sober reality of being the only industrialized nation in the world without an export credit agency to support both domestic jobs and exports. This is not good for the American economy – or American workers – in the short term or the long run. Companies from all around the world are lined up to secure contracts that, with all things being equal, would be won by American companies. Each day that United States exporters compete without Ex-Im they risk losing opportunities, unable to bid on contracts despite having the best products and most productive workforce.” (Kathryn Karol, “For A Fair Fight, Bring Back Ex-Im,” The Hill, 7/24/15)
Caterpillar Vice President Says Ex-Im “Helps Companies Close The Deal.” “Critics of Ex-Im have attacked the Bank as unnecessary, but that simply is not true. Our customers depend on this credit to fill gaps in their financing needs that cannot be met by commercial banks alone. Commercial banks lend to our customers, but in certain markets there are commercial and regulatory limits on how much commercial lenders can do. That is when Ex-Im Bank helps companies close the deal.” (Kathryn Karol, “For A Fair Fight, Bring Back Ex-Im,” The Hill, 7/24/15)