When Congress returns from its August break, there will be only 10 days for legislative business before the general election season heats up and lawmakers leave the Capitol again until mid-November. Senate Majority Leader Reid (D-NV) has warned his chamber that weekend sessions may be necessary, but in the House a prime priority for electroindustry companies is not even on the September schedule.
As this is being written, the U.S. Export-Import Bank (Ex-Im) has only 35 days before its charter expires – little more than a month before it would have to cease supporting U.S. exporters through financing, credit guarantees and other tools. The Bank’s uncertain future has already injured U.S. companies that require Ex-Im financing to make sales abroad – financing not available from private-sector banks. As noted earlier, the prospect that the main U.S. export credit agency might be gone in October is only good news for foreign competitors and is very bad news for the electroindustry.
- NEMA Board of Governors Member Philip Mezey recently cited the importance of Ex-Im for U.S. jobs and engagement in Africa’s electric power sector;
- U.S. Chamber of Commerce’s Myron Brilliant explained the indispensable nature of Ex-Im in international sales for many U.S. companies, and the jobs supported by those sales;
- James Burrows of Ex-Im wrote in the August edition of NEMA’s electroindustry magazine about how the Bank helps small and medium-sized businesses do business with foreign buyers;
- Chad Moutray and Linda Dempsey of the National Association of Manufacturers have each shattered misinformation peddled by opponents of the Bank, with Moutray tackling the idea that Ex-Im is a subsidy to big companies and both citing the opportunities that would be lost if Ex-Im is allowed to whither and die.
NEMA supports timely reauthorization of the U.S. Export-Import Bank. To urge your Members of Congress to do the same, click here or contact me for assistance.