There has been a lot of uncertainty surrounding trade over the past few years. Extending Ex-Im provides a little more certainty to the American manufacturers that keep this country moving forward.

Now Ex-Im will be considered in the Senate. Learn more about Ex-Im.

The post The House of Representatives Reauthorizes U.S. Export-Import Bank appeared first on Watch U.S. Fly.

Why?

Because Congress hasn’t authorized the Export-Import Bank (Ex-Im) for the long term.

Right now, American companies don’t have the resources to compete.

Unless Congress can agree to renew Ex-Im’s charter by the end of the year, America’s manufacturers will continue losing business overseas. The push to re-authorize Ex-Im is gaining momentum on both sides of the aisle.

“I believe that the value of the bank should be unquestioned at this point,” said Rep. Anthony Gonzalez, an advocate for reforming and revitalizing the Ex-Im.

The post Ex-Im Bank Authorization Key to American Manufacturing appeared first on Watch U.S. Fly.

1. Ex-Im sustains jobs and drives economic growth.

Almost 95 percent of the world’s customers live outside the U.S., and it’s becoming increasingly important for American exporters to tap into the global market to spur growth and job creation. In the last decade, Ex-Im has supported more than 1.7 million private-sector, well-paying jobs in the U.S. and over $141 billion in total exports of American-made goods and services.

2. Ex-Im ensures American companies can compete in the global market.

Often, international customers looking to purchase capital-intense items (like planes, trains, and satellites) require financing from an official export credit agency in their bid documents before American companies can even compete for work. Without a fully functioning Ex-Im to support such large transactions, U.S. workers aren’t given a chance to succeed. That’s a huge disadvantage – and foreign competitors are winning.

3. Ex-Im helps small businesses grow.

Ex-Im is invaluable to small businesses without the commercial financing options to expand sales to overseas customers. Sometimes, large banks won’t lend to a small business without an Ex-Im guarantee. In fact, the bulk of Ex-Im transactions support small business exports through export credit insurance, working capital, or lines of credit. Ex-Im also supports small business by financing deals for large companies like Boeing, which employs 1.3 million Americans through its supply chain.

4. Ex-Im levels the playing field.

At least 109 foreign export credit agencies offer competitive financing tools that give their exporters a leg up in competitive markets. In 2017, China alone provided more export credit support than the rest of the world combined – and they aren’t slowing down. In fact, in 2014 and 2015, China agencies provided more export financing than Ex-Im Bank has its entire 84-year history. American companies need Ex-Im to help level the playing field when bidding against foreign competitors like China in the global marketplace.

5. Ex-Im makes money for the taxpayer.

Ex-Im is self-sustaining, meaning it generates a profit from its own fees to pay for its operations, and help pay down U.S. debt. In fact, Ex-Im has returned about $3.8 billion in profits to the U.S. Treasury since 2009 without spending a single dime of U.S. taxpayer money.

The post Top 5 Reasons America Needs a Functioning U.S. Export-Import Bank appeared first on Watch U.S. Fly.

This is scary news for anyone who believes in American manufacturing.

Why? Because Garrett spent his entire career in Congress (voting 19 times) trying to shut the bank down. Yesterday, he attempted to claim he now supports the bank — a drastic flip-flop from his voting record.

Here is Scott Garrett in his own words:

That’s why Montana Senator Jon Tester — and several of Tester’s colleagues in the Senate — gave Scott Garrett multiple chances in yesterday’s hearing to explain his past and provide assurances that he would now fully support the bank’s mission as its leader. Garrett refused to do so.

Scott Garrett’s record against the Ex-Im Bank is clear. His comments yesterday are impossible to square with his consistent opposition to the bank. Garrett’s inability to articulate any kind of vision for the bank or answer the most fundamental questions confirm why he can’t be trusted.

I’ll continue to monitor this issue and share updates with you as I get them.

You can read more about Scott Garrett’s nomination to lead to Ex-Im Bank here.

Thank you,
Joel DiGrado

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