Congress must pass continued authorization of the Export-Import Bank of the United States when it returns from its traditional August recess. Continuation of the bank’s charter is essential. Not only has it supported thousands of jobs in Alabama but also nearly 1.5 million nationwide since 2007.
The Ex-Im Bank operates under a charter that was last authorized in 2006 but continued since 2011 with appropriations. Congress must decide whether to reauthorize the bank’s charter, which it is strongly urged to do by the Business Council of Alabama, a member of EX-Im Coalition that represents small and large manufacturers.
It’s a top BCA federal legislative priority this year. “Reauthorization of the bank is vital in providing financing for dozens of Alabama businesses and supporting nearly 4,000 jobs,” said BCA President and CEO William Canary.
In Alabama alone, Ex-Im financing has supported 3,978 jobs at 58 companies with over $622 million in exports since 2007. Nationally, the bank’s financing has supported $235 billion in exports for 7,340 companies that support 1.5 million jobs. Just last year, the bank provided $27.3 billion in financing, enabling $34.7 billion in exports, and supporting 205,000 American jobs.
In July, Governor Robert Bentley and 30 other governors signed a letter to Congressional leaders urging reauthorization of the bank and continuation of its vital export support and allowing companies and workers to compete on a level playing field against foreign creditors that are supported by their own credit agencies.
“As governors of states whose economies and workers benefit from exports, we urge you to reauthorize the U.S. Export-Import Bank (Ex-Im) before its charter expires … Ex-Im is a vital export finance tool for exporters in our states, at no cost to American taxpayers,” the governors said.
The National Association of Manufacturers and the U.S. Chamber of Commerce in June announced a coalition in support of the 200,000 employees at 3,400 companies who depend on the U.S. Export-Import Bank. Their letter to Congress included the names of 865 organizations including the BCA,’s which support Ex-Im continuation.
The BCA is the sole representative of the NAM and USCC in Alabama.