U.S. business – Ex-Im Bank “one of the most important tools we have to grow U.S. exports and jobs”
March 28, 2012
The Honorable Harry Reid
United States Senate
Washington, DC 20510
The Honorable Mitch McConnell
United States Senate
Washington, DC 20510
The Honorable John Boehner
Speaker of the House
U.S. House of Representatives
Washington, DC 20515
The Honorable Nancy Pelosi
U.S. House of Representatives
Washington, DC 20515
Dear Congressional Leaders:
The undersigned companies and associations view the U.S. Export-Import Bank (Ex-Im) as one of the most important tools we have to grow U.S. exports and jobs. Accordingly, we support a swift reauthorization of Ex-Im and appreciate your efforts to quickly move legislation that will reauthorize the Bank before its extension expires on May 31. Ex-Im is the only tool manufacturers have to offset the financing support our competitors receive from their governments. The ability of U.S. companies to maximize their exports is more important than ever to U.S. manufacturers.
During FY2011, Ex-Im Bank supported more than $40 billion in export sales from more than 3,600 U.S. companies, supporting approximately 290,000 export-related American jobs. The Bank also set a record in its support of small business. More than 85 percent of the Bank’s transactions last year directly supported small businesses.
The Ex-Im Bank is effective in enhancing U.S. manufacturing competitiveness, at no cost to the taxpayer. Ex-Im Bank generates enough fees to offset its costs and contributes the remaining surplus to the U.S. Treasury. Reauthorization will enable the Bank to continue generating positive revenues for the U.S. Treasury. Any impartial analyses of the Bank’s track record will show it is an employment generator that also helps reduce the federal deficit.
The Ex-Im Bank’s charter expired on September 30, 2011, and the Bank is currently operating under an extension that expires on May 31. Failure to act quickly on a long-term reauthorization threatens the many American jobs that depend directly or indirectly on its crucial export financing. Reliable access to export financing is a vital part of being globally competitive, and the Ex-Im Bank has taken on even greater significance in today’s turbulent financial environment. Exporters have more difficulty in obtaining credit and working capital than ever before, and overseas customers are financially stretched. Those customers will continue to place a high priority on favorable financial terms.
The Ex-Im Bank is the only tool American manufacturers have to counter the huge sums of export financing – many hundreds of billions of dollars – that other governments provide their exporters. If American manufacturers lose access to the Ex-Im Bank, our ability to compete globally will be severely curtailed. Companies large and small will be disadvantaged, and their customers may turn to foreign competitors that have support from aggressive foreign export credit agencies. America’s manufacturers cannot afford to be defenseless in today’s global marketplace.
Delaying Ex-Im Bank reauthorization will hurt U.S. manufacturers of every size. We urge you to move swiftly on legislation that will provide a stable, long-term reauthorization and a significant increase in the Bank’s lending authority. We appreciate your consideration, and we stand ready to be helpful as we all work toward the goal of doubling America’s exports.
A.O. Smith Corporation
A.W. Chesterton Company
ACE Clearwater Enterprises
Ace Pump Corporation
Advance Equipment Mfg. Co.
Aerospace Industries Association
Aerospace Technologies Group, Inc.
Ahaus Tool & Engineering, Inc.
Air Products and Chemicals, Inc.
Alert Stamping & Mfg. Co., Inc.
Allied Machinery Corp.
Amercian Gear Manufacturers Association
American Apparel & Footwear Association (AAFA)
American Crane & Equipment Corporation
American Fiber Manufacturers Association
American Institute for International Steel
American Locker Group Incorporated
American Petroleum Institute
Ampco Safety Tools
AMT – The Association For Manufacturing Technology
Applied Materials, Inc.
Arizona District Export Council
Arizona Manufacturers Council
Arrow Adhesives Co.
Associated Industries of Massachusetts
Associated Oregon Industries
Association of Equipment Manufacturers
Association of Washington Business
Atlantic Concrete Products Inc.
Atlantis International, Inc.
Bally Technologies, Inc.
Behlen Mfg. Co.
Belton Industries, Inc.
Bingaman & Son Lumber Inc
Bison Gear & Engineering Corp.
BLS Enterprises, Inc.
Bondioli & Pavesi Inc.
Bray International, Inc.
BTE Technologies, Inc.
Business Council of Alabama
California Manufacturers & Technology Association
Camino Real District Export Council
Carolina Color Corporation
Casa Herrera Inc
Case New Holland Inc.
CCN Law Firm
Centennial Bolt, Inc.
Chambers of Commerce Alliance, Ventura/Santa Barbara Counties
Charleston Metro Chamber of Commerce
Chemstar Products Company
City of Austin
Click Bond, Inc.
Coalition for Employment through Exports
Commercial Creamery Co.
Continental Heat Treating, Inc.
Control Technology, Inc
Cordova Bolt, Inc.
Cox Manufacturing Co., Inc.
Crafted Plastics Inc.
Deep Sea Fisheries Inc.
Deere & Company
Delaware Manufacturing Association
Delmont Laboratories, Inc.
Delta Electronics Mfg. Corp.
deVan Sealants, Inc.
Dietz & Watson, Inc
DRT Mfg. Co.
Economic Alliance Snohomish County
Ellicott Dredge Enterprises
Emergency Committee for American Trade (ECAT)
F.M. Howell & Company
Fabricators and Manufacturers Association, International
FC Industries, Inc.
Finishing and Plating Service
Flux Drive, Inc.
Forging Industry Association
Franklin Manufacturing Inc
Free Trade Alliance
Free Trade Alliance San Antonio
French Oil Mill Machinery Co
General Aviation Manufacturers Association
General Converting, Inc.
General Machine Products Co., Inc.
Georgia Association of Manufacturers
GFS Chemicals, Inc.
Grand River Rubber & Plastics Company
Greater Houston Partnership
Greater Irving-Las Colinas Chamber of Commerce
Greenheck Fan Corporation
Hawkeye Steel Products, Inc
Hoerbiger Corporation of America, Inc.
Hoffinger Industries, Inc.
House of Cheatham, Inc.
Houston District Export Council
Houston International Trade and Development Council
Houston International Trade Development Council, Inc
Illinois District Export Council
Inalfa Roof Systems Inc.
INDA-The Association of the Nonwoven Fabrics Industry
Industrial Sales & Mfg., Inc
International Trade Association of Greater Chicago
International Trade Center UTSA
Iowa Association of Business and Industry
J. Palazzolo Son,inc.
Jackson Area Manufacturers Association
Jade Engineered Plastics, Inc
JAM International Co., Ltd.
JCM Industries, Inc
Johnson City/Jonesborough/Washington County TN Chamber
Johnstown Wire Technologies, Inc.
K.R. Komarek Inc.
Kenall Mfg Co
Kercher Industries, Inc.
Koller Enterprises, Inc.
Kramer Global Advisory LLC
La Deau Hinge Company
Lake Region Medical
Lansing Regional Chamber of Commerce
Laserage Technology Corp.
Leatherwood Manufacturing Inc.
Littleford Day, Inc.
Lockheed Martin Corporation
Lonza (formerly Arch Chemicals, Inc.)
Lr Centre International de Lafayette
Mack Trucks, Inc.
MACNY – The Manufacturers Association
Manufacturers Association of Florida
Marlin Steel Wire Products LLC
Materion Technical Materials
Meadows Mills ,Inc
Meyer Tool Inc.
Michigan Manufacturers Association
Micro Abrasives Corporation
Milan Express Co., Inc.
Miner Elastomer Products Corporation
Mississippi Marine Corporation
Missouri Association of Manufacturers
Mobile Area Chamber of Commerce
Moore Industries International Inc.
National Association of Manufacturers
National Council for Advanced Manufacturing
National Council of Textile Organizations
National District Export Council
National Electrical Manufacturers Association (NEMA)
National Fluid Power Association
National Foreign Trade Council
National Marine Manufacturers Association
National Shooting Sports Foundation
National Technologies, Inc.
Neenah Enterprises, Inc
NewMedical Technology, Inc.
North Carolina Chamber
North Dakota Chamber of Commerce
North Scottsdale Chamber of Commerce
North Texas District Export Council
Northeast PA Manufacturers & Employers Association
NPES The Association for Suppliers of Printing, Publishing and Converting Technologies
Nuclear Energy Institute
Numerical Control Support Inc
Numrich Gun Parts Corporation
Orange County Business Council
Oxnard Chamber of Commerce
Palm Desert Area Chamber of Commerce
Pannell Kerr Forster of Texas, P.C.
Patton Electronics Co.
Plain@Fancy Custom Cabinetry
Polyfab Plastics and Supply Inc.
Polyguard Products Inc.
Power Curbers Inc.
Precision Manufacturing Group, LLC
Price Pump Co.
Primrose Candy Co.
Pulman, Cappuccio, Pullen & Benson, LLP
Qtech HT LLC
Quality Float Works, Inc.
Raco Industrial Corp.
Rail Link International, Inc.
Red Bud Industries, Inc.
Rema Dri Vac Corp
Renton Coil Spring Co
Riggs Industries, Inc.
Rilco Manufacturing Company, Inc.
Rocky Mount Cord Co.
Safety Speed MFG.
San Jose Silicon Valley Chamber of Commerce
Santa Fe Chamber of Commerce, Inc.
Saylor-Beall Manufacturing Company
Schaefer Brush Mfg. Co., Inc
Schatz Bearing Corporation
Sellstrom Mfg. Co.
Small Business Exporters Association
Small Precision Tools, Inc
Sonneborn Refined Products
South Carolina Chamber of Commerce
South River Company
Special Products & Mfg., Inc.
Specialty Equipment Market Association
Stainless Specialties, Inc.
Standard Wire & Cable Co.
Star Cutter Company
Streator Dependable Mfg.
Stripmatic Products, Inc
Tacoma-Pierce Co. (WA) Chamber
Texas Capital Bank, N.A.
The Boeing Company
The Continental Products Co.
The Dow Chemical Company
The Dupps Co
The Greater El Paso Chamber of Commerce
The Greater San Antonio Chamber of Commerce
The Manitowoc Company, Inc.
The McGraw-Hill Companies
The Ohio Manufacturers’ Association
The Timken Company
The Will-Burt Company
Thomson Lamination Company, Inc.
Thrush Aircraft. Inc
Tiffin Metal Products Co
Trade Acceptance Group, Ltd.
Tri-Pak Machinery, Inc.
U.S. Chamber of Commerce
Ultra Tech Machinery Inc.
Under Construction Builders
United Risk Consultants
United States Council for International Business
United Technologies Corporation
Valley Industry and Commerce Association
Valmont Industries, Inc
Walex Products Company, Inc.
Washington Council on International Trade
Water & Wastewater Equipment Manufacturers Association
Webco Industries, Inc.
Welch Allyn, Inc.
Westinghouse Electric Company
Windy City Wire LLC
Wood Machinery Manufacturers of America
World Trade Consult, LLC
Zelazoski Wood Products, Inc.