Memo: Export-Import Bank Amendment is Dawn of New Era in McConnell-run Senate

“Looks to me like they have the votes, and I’m going to give them the opportunity.”

With those 16 words to the Associated Press about the future of the Export-Import Bank, Senator Mitch McConnell began charting a new course just six months into his tenure as majority leader.  As Senate Majority Whip John Cornyn explained earlier this year regarding amendments and ending debate, “The only person who makes the decision is the leader.” To date, Majority Leader McConnell has not allowed a non-budget amendment to pass that he and a majority of his conference opposed.

Read the entire memo.

Please Share Your Thoughts

3 thoughts on “Memo: Export-Import Bank Amendment is Dawn of New Era in McConnell-run Senate

  1. Contrary
    to what is being said by anti-EXIM folks, the EXIM Bank is critical to small
    companies like mine that need its support of our export business. Without EXIM Bank, my company will NOT be able to continue its export business and our competitors from China will most likely steal these customers and markets.
    I work for Hoffman Equipment Company in Piscataway, NJ
    Our 75 employees sell and rent construction equipment in NY, NJ, and
    abroad – over the past few years Africa has been our biggest export market. Our export business allowed our company to grow and invest in people and facilities even during the depths of the recent recession. Without EXIM, Hoffman would
    not be as successful as we are today, and in fact may not have survived through
    the downturn, leaving me or some other of our 75 people out of work. Today, our export business adds to our profitability, increases US presence abroad, brings US values to foreign countries, and allows Hoffman and our suppliers to invest in our people and facilities.

    And EXIM makes money! What other Federal program
    provides so much value for the American taxpayer as EXIM – last year creating
    160,000 U.S. jobs (like mine) AND pumping $650 million into the U.S. Treasury!

    It is unbelievable to me that Congress cannot get EXIM approved! A vast majority of congressmen support EXIM, the President supports EXIM, both parties generally support EXIM, and there is no need to appropriate any money or increase any taxes to reauthorized this critical Agency.

    My job, and over 160,000 other Americans, depends on you to get this done!
    The political shenanigans and ambition for power will eventually turn off people desire to vote republican

    • First your exbank rrofit numbers are not based on GAAP accounting. Use that which your own company has to use and it loses money. It also picks winners and losers in the marketplace and of course ensures the well connected get their payoff. But the real reason is it isn’t needed. Your firm can easily buy credit insurance…it doesn’t cost much and perhaps all that “govt” slush fund donations your firm gives can be used to buy insurance and perhaps even pay the workers more.

      Sorry but you don’t subsidize my company..I sure as heck should not have to subsidize yours…

      • Mike, credit insurance is not the same as vendor financing at all. Not sure why you have such a strong opinion over something you clearly know nothing about.

        If you get an order from overseas as a business owner you need to use working capital to buy materials and accessories. Many businesses, especially small businesses, have to use limited credit lines from local banks or borrow from friends/family to make ends meet. At a certain point if you get a large enough order you simply can’t take it as you can’t borrow enough to cover working capital, even if the customer is a blue-chip customer and the deal extremely profitable.

        Being able to have a line of credit specifically for export orders is critical to keeping businesses afloat, especially small businesses that don’t have as much financial means as large corporations.

        EXIM services are common around the world, especially in countries like China. So I guess you’d suggest that OP above take his business and jobs to China?

        Makes me sick that the Republican party is abandoning small business and dropping support of American products overseas.

Leave a Reply

Your email address will not be published. Required fields are marked *