May 09 2012

Graham Applauds House Passage of Ex-Im Bank Reauthorization

WASHINGTON - U.S. Senator Lindsey Graham (R-South Carolina) today made this statement after the House of Representatives passed a reauthorization of the Export-Import (Ex-Im) Bank of the United States. The legislation will now move to the Senate.

"I'm very pleased the House of Representatives authorized Ex-Im Bank for another three years. Ex-Im allows American manufacturers to compete on a level playing field when it comes to selling their products overseas. Ex-Im benefits both large and small businesses and is available when regular financing is difficult to secure. (Link: South Carolina Ex-Im customers available here).

"Eighty percent of the Boeing 787s produced in North Charleston will be sold to companies who are eligible for and routinely use Ex-Im financing. Boeing's competitor, Airbus, relies on three export-import banks located in France to help sell their airplanes to international customers.

"One-third of the General Electric gas turbines produced in Greenville sold overseas use Ex-Im financing. In the case of Boeing and General Electric, the availability of Ex-Im financing is the difference between staying viable in South Carolina or dramatically reducing their business. Simply put, for South Carolina businesses like these to be successful in the international marketplace, Ex-Im has to be reauthorized.

"I appreciate my House colleagues who voted to reauthorize the bank. The legislation they supported overhauls the bank's operations and helps ensure Ex-Im adheres to sound business practices. Over the last five years the bank has made more than $3.4 billion for the federal treasury above and beyond the costs of its operations.

"I also respect those who chose a different path and voted against reauthorization. I believe American companies could compete and thrive in a world without Ex-Im Banks and this would be the ideal outcome. However, that world does not exist today.

"Competitor nations have Ex-Im Banks far larger and more aggressive than ours. China's export bank is larger than many European nations combined. Canada, one-tenth the population of the United States has an Ex-Im Bank that is three times as large as the United States.

"Like Ronald Reagan, I believe in ‘Trust but Verify.' But I see no evidence that competitor nations like China are getting out of the Ex-Im business and I cannot, in good conscience, support unilateral disarmament. In fact, I know if we unilaterally disarm they would only seek to increase their advantage

"In the Senate, I will enthusiastically support the House-passed legislation as I do not believe the United States can or should unilaterally disarm."


South Carolina Leaders Strongly Support Reauthorization of Export-Import (Ex-Im) Bank

"Eight out of every ten Boeing 787 Dreamliners now built in South Carolina are expected to be purchased by international customers who are eligible for and regularly seek export credit support from Ex-Im. Without this support, many of our customers would choose to purchase airplanes from Airbus, made in Europe, built by European labor, sold with the aggressive backing of multiple European export credit agencies. ..Jobs in South Carolina are at risk without an extended and robust reauthorization for Ex-Im."
W. James McNerney, Jr.
Chairman of the Board, President and Chief Executive Officer
The Boeing Company

"Exports are particularly important to the South Carolina economy. If our manufacturing base is to grow, we must continue to expand our ability to export goods from South Carolina facilities. Given the key role the Bank plays in facilitating sales, failure to reauthorize it would be devastating to existing industry and to those we hope to create in the future."
Lewis F. Gossett
President and CEO
South Carolina Manufacturers Alliance

"The Bank performs an important function for U.S. companies seeking markets for U.S. made products. The Bank provides credit insurance and export-financing products that fill gaps in trade financing and does not compete with private sector lenders."
W. David Hastings
Mount Vernon Mills

"First, this issue is of critical importance to Boeing South Carolina and their ability to successfully compete with global aircraft manufacturers. Second, the Charleston Metro Chamber of Commerce recently re-established the World Trade Center Charleston. More than 80 percent of Ex-Im's transactions support small businesses. The World Trade Center Charleston's goal is to help our region's small business community to help them expand by selling their products and services on the global marketplace. The Ex-Im is a vitally needed tool to help in expanding local businesses in our region."
Bryan Derreberry
President and CEO
Charleston Metro Chamber of Commerce

"Over the last five years, Ex-Im has assisted more than 47 South Carolina companies from around the state export their products and services throughout the world. Ex-Im plays an important role in supporting South Carolina jobs and exports. ...Support for the Ex-Im Bank means support for S.C. exports and S.C. jobs."
F. Ben Haskew
President and CEO
Greenville Chamber of Commerce

"Last year alone, the Ex-Im supported more than $40 billion in U.S. exports that helped create or sustain 290,000 U.S. jobs at more than 3,600 companies. The Ex-Im is also self-sustaining. In the years since Ex-Im was last authorized in 2006, the bank has returned $3.4 billion to the U.S. Treasury above and beyond the cost of its operation."
Otis Rawl
President and Chief Executive Officer
South Carolina Chamber of Commerce

"Failure to reauthorize Ex-Im will create an unfair disadvantage for American companies, ultimately causing American jobs to move overseas. We cannot afford to not reauthorize Ex-Im."
Brad Dean
President and CEO
Myrtle Beach Area Chamber of Commerce

"The Bank has proven to be self-sustaining and provides a necessary level playing field in which U.S. Companies can compete in world trade. We need to do everything we can to insure that our workers have jobs that can be supported by their ability to compete fairly in world commerce. Exports play an important part in the economy of South Carolina and particularly in the Upstate region."
David Cordea
President and CEO
Spartanburg Area Chamber of Commerce