On Friday National Association of Manufacturers president and CEO Jay Timmons issued this statement after House Majority Leader Eric Cantor (R-VA) and Minority Whip Steny Hoyer (D-MD) reached an agreement on bringing legislation to the House floor to reauthorize the Export-Import (Ex-Im) Bank:
“Leaders on both sides of the political aisle came together today to prevent the unilateral economic disarmament of the United States on the issue of export financing. Our international competitors are aggressively promoting exports and capturing markets, while some in Congress have been working to eliminate a vital tool for job creation. Today Rep. Cantor and Rep. Hoyer displayed much-needed leadership to bring both parties together to save the Ex-Im Bank and protect nearly 290,000 jobs.
The bill announced today to reauthorize the Bank and increase its lending cap brings us a step closer to protecting these jobs and will be a vital tool for small manufacturers exporting to new markets. It is essential to manufacturers’ global competitiveness, and we are pleased that Majority Leader Cantor and Minority Whip Hoyer have come together on an authorization. We cannot grow jobs and the economy without exports, and Ex-Im has to play a role in that effort.
Manufacturers appreciate the work of House leadership on this issue that is so critical to our manufacturing economy. Manufacturing employs 12 million men and women in the U.S. Small businesses drive our economy and cannot afford for Ex-Im’s authorization to expire. We urge all members of the House to support this jobs legislation, and we hope the Senate will also move forward quickly. The Ex-Im Bank means jobs and increased exports, which will help us grow our economy and remain competitive.”