Calls for quick floor action
Washington, DC– The National Foreign Trade Council (NFTC) commends the House Financial Services Committee for approving House Bill H.R. 5068 to reauthorize the Export-Import (Ex-Im) Bank.
“A strong Ex-Im Bank is critically important to U.S. exporters and global competitiveness and, on balance, we applaud today’s action by the Financial Services Committee. There were several amendments we are still reviewing in terms of their impact on our members, but we, the NFTC, appreciate the leadership of the Committee to act on the reauthorization legislation in a timely manner. Ex-Im Bank programs are critical to supporting U.S. exports and capturing market share abroad, while expanding U.S. jobs,” stated NFTC President Bill Reinsch.
The Ex-Im Bank serves as the “lender of last resort” for U.S. exporters when commercial bank financing is not available for export sales, and the U.S. exporter is confronted with foreign competitors, which have financing available from their governments. Currently, some 70 governments around the world have export credit agencies (ECAs) like Ex-Im, providing about $500 billion a year in government-backed financing.
“The Ex-Im Bank is a vital component of the U.S. trade ecosystem. Quick floor action on this bill is imperative so that the Bank is reauthorized prior to its September 30th charter expiration” Reinsch concluded.
Advancing Global Commerce for Over 90 Years
The National Foreign Trade Council (www.nftc.org) is a leading business organization advocating an open, rules-based global trading system. Founded in 1914 by a broad-based group of American companies, the NFTC now serves hundreds of member companies through its offices in Washington and New York.