Manufacturers’ Competitiveness Hampered Without Long-Term Reauthorization of the Ex-Im Bank

September 19th, 2014

Manufacturers’ Competitiveness Hampered Without Long-Term Reauthorization of the Ex-Im Bank

Congress Misses Opportunity to Give U.S. Exporters Certainty

Following House and Senate passage of a continuing resolution that temporarily reauthorizes the Export-Import (Ex-Im) Bank, National Association of Manufacturers (NAM) President and CEO Jay Timmons and Mississippi Manufacturers Association (MMA) President and CEO Jay C. Moon issued the following statements:

MMA President and CEO Jay C. Moon:

“Mississippians, along with others across the nation, have brought to Congress’ attention the vitality of what the Export-Import Bank means to the United States. Congress has given the Ex-Im an extension, but it is still uncertain how long this extension will last.

Since 2009, Ex-Im has supported 1.2 million private sector, American jobs. In 2013 alone, the agency supported 205,000 jobs, 1,046 of which were Mississippi jobs, and had a broad impact on the manufacturing sector.

We operate in a global trade environment, where 95 percent of the world’s customers live outside the U.S. It’s important for U.S. companies to compete on a level playing field with heavily subsidized foreign exporters. I urge you to continue to make your voice heard by letting your congressmen know why Ex-Im is important for manufacturers so they will reauthorize Ex-Im once and for all.”

NAM President and CEO Jay Timmons:

“A bipartisan majority in both chambers of Congress acted to prevent the Ex-Im Bank from closing on September 30. However, they have not given manufacturers any more certainty with a short-term extension. It is critical to manufacturers and their employees that Congress accelerates its work to put in place a long-term solution as quickly as possible.

Manufacturers and our customers overseas operate based on long-term plans that often involve multiyear projects in which the Ex-Im Bank is a critical partner. Without the certainty of a long-term Ex-Im reauthorization, U.S. exporters will continue to be put at a significant disadvantage, which will hamper growth here at home and result in lost opportunities for American workers and small businesses.”

To read the NAM’s report “Forfeiting Opportunity,” which highlights the massive size and growth of export credit activity around the world and discusses the implications if the Ex-Im Bank is not reauthorized.

-MMA-

For more than 60 years, the Mississippi Manufacturers Association has represented the interests of Mississippi’s manufacturers at both the state and national levels. As the Voice of Industry in Mississippi, MMA represents more than 2,100 members in the state Legislature and U.S. Congress. MMA promotes a strong manufacturing environment within Mississippi, and is a central source of information and assistance in industrial management. To learn more about MMA and manufacturing in Mississippi, visit www.mma-web.org.


-NAM-

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 $2.08 trillion to the U.S. economy annually, has the largest economic impact of any major sector and accounts for two-thirds 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.

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