Calls for quick floor action
Washington DC – The National Foreign Trade Council (NFTC) commends the Senate Banking Committee for approving legislation to reauthorize the Export-Import (Ex-Im) Bank.
“A strong Ex-Im Bank is critically important to U.S. exporters and global competitiveness and we applaud today’s action by the Banking Committee. While we are still reviewing the fine print, on balance, the NFTC supports the measure approved today,” 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, who 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 programs to level the playing field for US exporters by ensuring that financing is available for US exports in the absence of private sector financing. With the Ex-Im Charter expiring at the end of September, it is imperative that a final reauthorization bill be approved before Congress adjourns,” 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.