By National Association of Manufacturers and Jay C. Moon, MMA President and CEO
The debate surrounding the U.S. Export-Import Bank has become one that focuses on the political stakes rather than the jobs at stake. Manufacturing companies across the country rely on the Bank to get their products to customers overseas when private sector financing isn’t an option. The Ex-Im Bank fills the gap that is left by commercial banks, a gap that leaves small businesses especially vulnerable.
Thousands of small and medium-sized businesses across the country have used the Bank since 2007 to support nearly 1.6 million jobs, including 1,200 jobs at 21 companies right here in Mississippi. One in three manufacturing jobs are supported by exports. We should be strengthening the tools that support these jobs, not taking them away. I would also note that many small and medium sized companies in Mississippi, who are suppliers to the larger companies, derive a benefit from the Ex-Im Bank when those larger companies use the banks services. Like it or not, we live in an increasingly competitive global economy. We must have and use every tool available to insure our businesses can compete with, often, unfair international business practices.
If Congress fails to take action to save the Ex-Im Bank, they are failing to take an action that will support thousands of jobs around the country, and here in our backyards too. This isn’t an issue for people in Washington, this is an issue for Mississippians in Oxford, Jackson, Gulfport, and anywhere we value jobs and manufacturing in our own communities.
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