Congress Urged to Act on Ex-Im Bank
The Ex-Im Coalition, an industry group of manufacturers, is calling on the U.S. Congress to act to rectify the current inability of the U.S. Ex-Im Bank to approve loans of more than $10 million.
All of the transactions that are part of the $20 billion backlog waiting for U.S. Ex-Im Bank action are subject to the U.S.-flag shipping requirements, says the Coalition.
The U.S Export-Import Bank supports millions of U.S. jobs and helps businesses of all sizes compete in a global economy. While a majority of Congress approved a multi-year reauthorization of the Ex-Im Bank about a year ago, the bank is not yet fully operational.
The governing board of directors is currently without a quorum and cannot approve loans of more than $10 million.
The inability of the Export-Import Bank to approve loans is directly depriving the U.S.-flag fleet of much needed cargo-carrying opportunities, says the Coalition. “It is imperative that Congress act now to rectify this situation. With more than 85 foreign export credit agencies supporting U.S. competitors, American companies are facing lost sales and jobs.”
All told, the Ex-Im Bank reports that more than 30 transactions valued at more than $20 billion and impacting tens of thousands of U.S. jobs cannot be completed without a board quorum. These sales span across multiple industries - including solar, satellites, oil and gas, and transportation and the Bank estimates they would impact jobs and supply chains across the U.S. and most acutely in Alabama, Arizona, California, Connecticut, Illinois, Louisiana, New York, Ohio, Pennsylvania, Texas, Virginia, and Washington.
Earlier in the year, identical language was adopted in both the House and Senate State & Foreign Operations appropriations FY2017 bills that would temporarily modify the Bank’s quorum requirement so that it may again review transactions over $10 million dollars.
The Coalition is asking people to contact their Representative and Senator to urge them to rectify the situation.