The Export-Import (Ex-Im) Bank, an independent federal agency that issues loans to foreign buyers purchasing U.S.-built products. 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.
Owen Herrnstadt, IAM Chief of Staff to the International President and Director of Trade and Globalization, recently testified before the House Financial Services Committee in support of a fully funded and re-authorized Ex-Im Bank that has strong domestic content requirements.
“We need a fully funded and re-authorized Ex-Im Bank now more than ever,” said Herrnstadt. “Global competition has never been more intense and the stakes for our economy have never been higher as U.S. firms and U.S. workers struggle to compete in today’s global marketplace. Other countries have developed comprehensive policies to build and retain their own export industries.”