NAM President Pushes Sen. Shelby to Support Long-Term Ex-Im Reauthorization
National Association of Manufacturers President Jay Timmons pushed new Senate Banking chairman Richard Shelby, R-Ala., to move ahead with long-term authorization of the U.S, Export-Import Bank during a Feb. 19 speech (here). Timmons championed U.S. manufacturing growth over recent years, but said Ex-Im is critical to maintaining U.S. competitiveness globally.
Sign up for a free preview to unlock the rest of this article
Timely, relevant coverage of court proceedings and agency rulings involving tariffs, classification, valuation, origin and antidumping and countervailing duties. Each day, Trade Law Daily subscribers receive a daily headline email, in-depth PDF edition and access to all relevant documents via our trade law source document library and website.
Authorization for the credit agency is set to expire at the end of May, after lawmakers gave it a short-term extension in September 2014 (see 14092203). “The debate over the future of the Ex-Im Bank boils down to whether we want manufacturers in the United States to win overseas, or whether we want our foreign competitors and their workers to swoop in and seize these opportunities,” said Timmons. “This is a critical component of manufacturing job creation, and Chairman Shelby, through his Senate Banking Committee, can help us get this bi-partisan legislation to the finish line.” Ex-Im supporters typically argue other countries have similar credit agencies, so U.S. renewal is important to keep a level playing field.
Timmons also urged lawmakers to pass Trade Promotion Authority to boost U.S. manufacturing exports, as well. But he criticized current tax and regulatory laws that burden U.S. domestic industry. The ongoing crisis at West Coast ports is “decimating” U.S. manufacturing, Timmons also said. President Barack Obama sent Labor Secretary Tom Perez to California to help the Pacific Maritime Association and the International Longshore and Warehouse Union reach a deal on a new contract (see 1502160006).