Thanks in large part to a blitz of calls and messages sent by IAM members, House Republicans and Democrats came together this week to overwhelmingly pass a reauthorization of the Export-Import (Ex-Im) Bank. The bank still has legislative hurdles to cross, but it has a key supporter along the way: IAM-endorsed presidential candidate Hillary Clinton.
“While some presidential candidates falsely claim that the Ex-Im Bank is ‘corporate welfare,’ Secretary Clinton knows that the evidence is clear; the export financing provided by the Ex-Im Bank delivers vital and necessary support for U.S. exports and American jobs,” said IAM International President Tom Buffenbarger.
The bank, which provides loans to foreign companies buying U.S. products, has been unable to issue new loans since the end of July after a far-right faction of Congress made it their mission to shut it down.
“The Ex-Im Bank is the only federal institution that makes it possible for U.S. manufacturers and workers to compete fairly with global competitors in Europe and Asia, particularly in the aerospace industry,” said IAM International President Tom Buffenbarger in a letter to Congress. “Without Ex-Im Bank support, U.S. manufacturers have begun to lose out to global competitors.”
In Waukesha, WI, 350 IAM members are fearing the loss of their jobs after General Electric announced plans to move the factory to Canada, citing a lack of loan support from the Ex-Im Bank. Click here to read a piece on the plant’s closing in the New York Times.
Buffenbarger says it is imperative the next president support the bank and its ability to grow and maintain American jobs.
“Secretary Clinton has our grateful thanks for her unwavering support for the Ex-Im Bank,” said Buffenbarger. “As President, we know that her leadership will ensure that the Ex-Im Bank will continue to be an engine of economic growth and job creation.”