WWEMA Window: Congress Needs To Reauthorize The Ex-Im Bank

The Export-Import Bank of the United States (Ex-Im) is the official export credit agency of the United States. Established by Executive Order in 1934 with a mission of supporting American jobs by facilitating the export of U.S. goods and services, in 1945 the Ex-Im Bank became an independent, self-sustaining Executive Branch agency. For over 80 years, the Bank has provided financing tools and services that allow small, medium, and large companies to compete for global sales.  By providing financing support when private-sector lenders can’t or won’t provide financing, the Bank helps level the playing field for U.S. goods and services going up against foreign competition in overseas markets so that American companies can create more good-paying American jobs and grow the U.S. economy.

The most recent charter of the Bank expired on September 30, 2014, but was extended by Congress until June 30, 2015. That extension has now expired and the Bank can no longer process applications or engage in new business. The Water and Wastewater Equipment Manufacturers Association (WWEMA) has been a strong supporter of the Ex-Im Bank. We joined with 865 organizations across the country last year to send a strong message to Congress that the Ex-Im bank should be reauthorized. We are once again joining forces with the U.S. Chamber of Commerce and over 1,000 businesses and organizations to reach out to Congress to ask them to reauthorize the Ex-Im Bank.

Here are a few statistics found on the Bank’s website and that of the U.S. Chamber of Commerce — a strong supporter of the Ex-Im Bank:

• Over the past two decades, the Bank has generated nearly $7 billion more than the cost of its operations. This excess is returned to the U.S. Treasury to help reduce the federal deficit.
• Over the past eight years, the Bank has provided financing or guarantees for more than $200 billion in U.S. exports, supporting more than 1.5 million American jobs at 7,300 companies.
• In FY 2014, nearly 90 percent of Ex-Im Bank transactions — more than 3,340 — directly supported American small businesses.
• In FY 2014, Ex-Im Bank financing supported $27.5 billion worth of U.S. exports supporting more than 164,000 American jobs. $10.7 billion of that total represents exports from U.S. small businesses, making small business exports the top category for Ex-Im Bank supported exports last year.
• The Bank has maintained a historically low default rate of 0.175 percent as of the end of FY 2014.
• Other countries provide substantial support for their exporters — there are at least 59 foreign export credit agencies around the world. European and Asian governments provide several times more financing to their countries’ exporters than the U.S.
• With 95 percent of the world’s customers living outside the United States, exports are the key to America’s future prosperity and jobs. Nearly one-third of U.S. economic growth since mid-2009 has been driven by exports.

So what can you do?

1. Learn more about the Ex-Im Bank and decide for yourself. Go to:
   https://www.uschamber.com/international/show-your-support-export-import-bank
   http://www.exim.gov/authority-has-lapsed/
   http://exportersforexim.org/
2. Write/contact your Congressional offices and tell them how your business has benefited by the Ex-Im Bank and urge them to reauthorize its charter.
3. Join a coalition of other impacted business to expand your outreach efforts.

Let’s keep America’s economy strong, create jobs, and keep exporting U.S. goods!

Vanessa Leiby is the Executive Director of the Water and Wastewater Equipment Manufacturers Association (WWEMA). WWEMA provides a collective voice for technology providers in the water industry. For more information go to www.wwema.org.