Ideological opposition to the Export-Import (Ex-Im) Bank, an independent federal agency that issues loans to foreign buyers purchasing U.S.-built products, is costing U.S. companies $50 million a day.
Despite the prodding of Senate Majority Leader Mitch McConnell (R-KY), Sen. Richard Shelby (R-AL) has said he won’t allow the Senate Banking Committee he chairs to confirm any nominee to the Ex-Im Bank. President Obama nominated Mark McWatters, a Republican, in early January.
The bank needs three of its five board slots to be filled in order to issue loans involving over $10 million, meaning clients like Boeing can’t finance its bigger deals. Earlier this month, Boeing reported it couldn’t deliver jets to an Ethiopian airline due to a lack of credit guarantees.
“The lack of a quorum on the board severely cripples 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,” wrote IAM International President Bob Martinez in a letter to Congress.
Call the Senate switchboard at 202-224-3121 and tell your Senators that a vote on Ex-Im Bank board nominee Mark McWatters can’t wait – American jobs are counting on it.