Washington, D.C. – National Association of Manufacturers President and CEO Jay Timmons released the following statement after Senate Majority Leader Mitch McConnell filed cloture on the nominations of Kimberly Reed, Judith DelZoppo Pryor and Spencer Bachus to the Export-Import Bank:
We thank Leader McConnell for bringing us one step closer to restoring manufacturers’ competitiveness. A fully functional Ex-Im Bank is a top priority for manufacturers of all sizes, and we estimate that 80,000 jobs and $119 billion in output were lost from 2016 to 2018 because of the agency’s inability to approve major deals. That’s why we’re looking forward to the nominees’ confirmation next week to secure this victory for America’s manufacturing workers.
The NAM has been a leading proponent of restoring the Ex-Im Bank, which has supported 1.4 million American jobs over the past several years, to full functionality. In January, Timmons sent a letter to Senate leaders urging them to swiftly approve the full slate of stalled, qualified nominees to the Ex-Im Bank’s board of directors following their bipartisan approval by the Senate Banking Committee. NAM Vice President of International Economic Affairs Linda Dempsey also penned an op-ed in The Hill calling on the Senate to take action.
Quick facts about the Ex-Im Bank:
- The Ex-Im Bank has supported 1.4 million jobs over the past eight years.
- More than 90 percent of the Ex-Im Bank’s fiscal 2016 transactions directly support small businesses.
- The Ex-Im Bank has generated $7 billion for taxpayers over the past 20 years.
- Foreign competitors are stealing America’s competitive disadvantage by devoting hundreds of billions of dollars to official export credit agency financing for domestic manufacturers.
- The Ex-Im Bank’s default rate of just 0.25 percent is better than many commercial lenders.
- Learn more about how the Ex-Im board vacancies hurt America and why the bank is a critical tool in checking China’s ambitions.
The National Association of Manufacturers (NAM) is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12 million men and women, contributes $2.25 trillion to the U.S. economy annually, has the largest economic impact of any major sector and accounts for more than three-quarters of private-sector research and development. The NAM is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the Manufacturers or to follow us on Shopfloor, Twitter and Facebook, please visit www.nam.org.