The IAM is urging members of the U.S. Senate to support and vote “yes” to pass the Export Import Reauthorization Act of 2019 (S. 2293). This bipartisan legislation would help create and sustain U.S. jobs in manufacturing and other strategic industries and help improve the balance of trade between the U.S. and high export nations by reauthorizing the Export-Import Bank for the next 10 years.
The Ex-Im Bank is one of the few U.S. trade policies that actually supports U.S. exports and jobs by providing vital loan guarantees for the sale of U.S. goods and services to international markets. The bank’s mission is “to assist in financing the export of U.S. goods and services,” enabling “large and small companies to turn export opportunities into real sales that help to maintain and create U.S. jobs and contribute to a stronger national economy.”
“American jobs depend upon a fully functioning Ex-Im Bank with a fully staffed board of directors to provide vital financing for the export of U.S. made products,” said Machinists Union International President Robert Martinez Jr. “Under the Bank’s current charter, projects which require more than $10 million in financing must be approved by the Ex-Im Bank board of directors. However, the lack of a quorum on the board in recent years has crippled the Ex-Im Bank’s ability to support U.S. manufacturers and workers, particularly in the aerospace industry, one of the last sectors in which the U.S. enjoys a positive balance of trade with the rest of the world.”
The bank’s authorizing charter set to expire in September 2019.