ICYMI: More Voices From Across U.S. Say Ex-Im Is A Critical Tool To Support U.S. Jobs
Over the weekend, more voices from across the country called for reauthorization of the Export-Import (Ex-Im) Bank in order to support U.S. jobs.
“We are now seeing the results of Congress’ failure,” wrote Richard Ivy in a letter to the greenville news. he urged south carolina officials to “step up and support American companies, jobs, and workers” by reauthorizing Ex-Im.
Numerous business and community leaders also spoke up in The Hartford Business Journal, St. Louis Post-Dispatch, and The Dickinson Press expressing the importance of Ex-Im to sustaining export-based jobs and growing their local economies.
Please see below for more on the importance of Ex-Im to businesses and workers across the U.S.
South Carolina “Cannot Afford To Lose 100-200 High-Paying Jobs” Due To Congressional Inaction On Ex-Im. “We are now seeing the results of Congress’ failure. General Electric (GE) is shutting down U.S. plants to move 500 high-paying jobs overseas from South Carolina, Texas, Florida, and Maine plants to China, Hungary, and France because those countries provide the Ex-Im function. Two of the affected GE divisions, Aviation and Gas Turbines, have Greenville factories. South Carolina cannot afford to lose 100-200 high-paying jobs!” (Richard Ivy, “Letter: Congress Must Renew Export-Import https://exportersforexim.org/files/2015/10/bank,” Greenville News, 10/3/15)
Without Ex-Im Bank, Exporters And Export Suppliers In Missouri Will Start To Lose Business. “Al Moresi, Semi-Bulk’s controller, said the company hasn’t had any export transactions since July. It will be problematic if they never approve the Ex-Im Bank again, because we would have to go to somebody who charges higher fees,’ he said. Even companies that don’t deal directly with the Ex-Im Bank are concerned about its inability to lend. ‘If Boeing does start to lose aircraft sales, we start to lose business,’ said Dan Korte, chief executive of LMI Aerospace in St. Charles.” (David Nicklaus, “Loss Of Ex-Im Bank Is Starting To Cost Jobs,” St. Louis Post-Dispatch, 10/4/15)
Some Small Businesses Would Not Be Able To Export Without Access To Ex-Im Financing. “‘Some specific sectors and industries are really going to be hurt by this,’ says Caroline Freund, a senior fellow at the Peterson Institute for International Economics. ‘And for some small businesses, any exports they do really need the Ex-Im Bank.’” (David Nicklaus, “Loss Of Ex-Im Bank Is Starting To Cost Jobs,” St. Louis Post-Dispatch, 10/4/15)
Small Companies “Will Experience Negative Effects,” Says North Dakota Trade Office. “As long as the Ex-Im Bank is off the table, Gorder said those smaller businesses that have used it to compete in the international market will experience negative effects. ‘The big companies have more resources at their disposal, but it’s the small companies that are taking the brunt of it,’ he said.” (Andrew Wernette, “Local Companies Worry About Consequences Of Authority Lapse In National Export-Import https://exportersforexim.org/files/2015/10/bank,” The Dickinson Press, 10/2/15)
Lapse of Ex-Im Precludes Connecticut Business From Gaining New International Customers. “The company, with about 30 percent of its business overseas, uses the bank’s insurance to secure accounts receivable on some of its overseas accounts, said Larry Sussman, vice president of finance, who said the insurance is a means of getting new business. With Ex-Im not doing any new business, ‘It certainly curtails any potential existing customer to increase insurance for now until our policy expires, which is in March, and it precludes new customers who would want to get credit with us through Ex-Im Bank to obtain it,’ Sussman said.” (John Stearns, “Ex-Im Bank Freeze Creates Trade Barriers For CT Firms,” Hartford Business Journal, 10/5/15)