IAM members have a unique opportunity to express their support for stronger U.S. content requirements in export transactions that are supported by the U.S. Export Import Bank. The Ex-Im Bank was created during the Roosevelt administration to support U.S. exports that support U.S. jobs by providing billions in annual loan guarantees.
While the Ex-Im Bank has traditionally supported deals where 85 percent of all eligible goods and services are U.S.-made receive maximum support, the Bank is exploring the employment impact of lowering the domestic content requirement. In other words, the Bank is considering whether its support of a higher percentage of foreign content in U.S. exports would increase or decrease U.S. jobs.
“If domestic content requirements are lowered, corporations will have even greater incentives to move U.S. jobs to other countries–with taxpayer money,” said IAM President Tom Buffenbarger, who urged IAM members to voice their support for strong domestic content requirements. “The IAM knows that a healthy manufacturing infrastructure is critical for rebuilding the U.S. economy and restoring the millions of jobs that have been lost since the Bush Recession began years ago.”
Now is the opportunity to let your voice be heard as the U.S. Export Import Bank reviews its domestic content requirement.
The Bank’s request for public input can be found at the following link, http://www.exim.gov/generalbankpolicies/content/2013-Content-Review.cfm, which also provides instructions for electronic submissions. Comments must be submitted by close of business, March 22, 2013.