Why You Should Support the Ex-Im Bank

Out of all the fantastic things I have done in my 25 years in business, I think this event is in the top three or four best experiences.

This month, a group of 700 manufacturers from across America descended on Washington DC for a “Fly In” day on Capitol Hill. The purpose of the day was to voice support for the reauthorization of the Ex-Im Bank. I was invited to attend by the National Association of Manufacturers and spent two days talking with senior executives and legislators in support of reauthorization of the Bank.

The Ex-Im Bank supports manufacturers with low-cost loans to help finance export deals. About 75% of the money goes to large manufacturers such as Boeing and GE, however thousands of suppliers to these companies are also affected. About 6000 small and medium sized manufacturers have also received financing through the Ex-Im Bank which helps to keep American products competitive on the world market through low-cost loans.

Many of these small manufacturers were in attendance at the Fly-In and described how devastating it will be for their businesses if the Bank is not reauthorized by Congress.

Normally, the Ex-Im Bank is reauthorized with bipartisan support and not much discussion. After all, the Ex-Im Bank has a big positive effect on exporters, it has returned about $7 billion in profits to the US Treasury and it helps to support jobs all across America. It levels the playing field against more than 60 other countries that have their own export banks. It is an agency we should all support.

Many Republicans and Democrats avidly support the work of Ex-Im Bank. But this time, a group of Tea Party conservatives and the Heritage Foundation are fighting against reauthorization, citing ideological concerns over government interference in a free market economy.

So the 700 manufacturers arrived in Washington to tell their stories and ask their legislators to support reauthorization. We spent the first day being briefed on the work of the Ex-Im Bank and what messages to tell our legislators about reauthorization. On the second day, we were grouped into our respective state teams and went to visit our Senators and Representatives. I went with the delegation from California to meet Senator Boxer and Senator Feinstein at the Hart Senate Office Building. In the afternoon, I was part of a smaller group that met with Representatives Anna Eshoo (Silicon Valley), Sam Farr (Carmel) and Scott Peters (San Diego). All five of these California legislators are supporting reauthorization.

What a thrill it was to meet the Senators and Representatives in their offices and to walk through the tunnel connecting the office buildings with the Capitol. The energy of the Capitol is amazing. Important people scurried about in all different directions doing the business of the Nation. As much as we all complain about Congress, to have access to our legislators and be able to express my views was quite an extraordinary American experience for me.

The Ex-Im Bank comes up for a reauthorization vote in June.

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