For nearly four years, one of America’s major export promotion tools, the U.S. Export-Import (Ex-Im) Bank, has been without quorum for its Board of Directors. No action has been taken on confirming the President’s four nominees for the Board. The lack of quorum for the Ex-Im Bank has caused several issues for American manufacturers.
There are over 100 other functioning export credit agencies globally, but ours isn’t on that list. Ex-Im Bank can only consider deals that are under $10 million. This puts America at a disadvantage and causes us to lose deals.
The lack of a quorum is harming American business and causing us to lose deals to China. According to NAM estimates, manufacturers have forfeited billions of dollars in sales. This includes approximately 80,000 fewer manufacturing jobs in 2016 and 2017 and the loss of at least $119 billion in output.