Input Stories

Sens. Kevin Cramer (R-ND) and Mark Warner (D-VA) introduced a bill that would reauthorize the U.S. Export-Import Bank for 10 years (Reuters, subscription).

The background: The Ex-Im Bank, the official U.S. export credit agency, provides loan guarantees and direct loans—which have often proved crucial for manufacturers.

• The NAM has been a longtime champion of the bank, and pushed  for its successful reauthorization in 2019. 

Critical minerals: The bill’s introduction comes after the announcement of Project Vault, a critical minerals stockpile initiative backed by direct loans from the Ex-Im Bank. The bank’s financing plays a central role in supporting domestic manufacturers and strengthening critical minerals security. 

What they’re saying: “A 10-year authorization allows for greater certainty, and we know how important certainty is to investors. It gives American businesses a runway for making long-term plans without that looming threat of a lapse in authorization,” Sen. Cramer said in a statement. 

• “At a time when it’s already harder for businesses in the Commonwealth and across the country to export goods, failing to reauthorize [the Ex-Im Bank] would be another massive hit to the economy. This bipartisan, commonsense bill will protect American jobs and provide stability for small businesses and manufacturers, while helping secure our economic and national security,”  said Sen. Warner, also in a statement.  

The NAM says: “Manufacturers depend on the Ex-Im Bank to maintain U.S. competitiveness and to level the playing field to win sales in overseas markets,”  said NAM President and CEO Jay Timmons.

• “The NAM appreciates Sens. Cramer and Warner for introducing a 10-year reauthorization bill, which will give manufacturers—especially small and medium operators—much needed certainty for long-term projects. We look forward to working with Congress to ensure this important tool in the U.S. trade arsenal is available to boost American exports, while supporting millions of U.S. jobs.”