The General Aviation Manufacturers Association (GAMA) yesterday called on U.S. senators to reauthorize the Export-Import (Ex-Im) Bank by supporting an amendment to the highway bill that it will likely consider in a rare Sunday session. Since 2012, the Ex-Im Bank has provided loan guarantees of more than $1.9 billion to general aviation manufacturers, acting when commercial banks will not or cannot provide financing to help them close transactions with non-U.S. buyers.
The Export-Import Bank’s current authorization expired on June 30, 2015. Since that time, the Bank has been unable to process applications or engage in new business. However, more than 60 other countries have credit agencies similar to the Ex-Im Bank, which continue to operate.
“We urge the U.S. Senate to move quickly to reauthorize the Ex-Im Bank, which supports millions of manufacturing jobs throughout the country, allows U.S. businesses to compete on a level playing field globally, and returns funds to the U.S. Treasury,” GAMA President and CEO Pete Bunce said. “There is overwhelming support for the Bank throughout the United States, but each day the Bank stays closed is another day companies aren’t able to sell their products and puts employees’ jobs at risk. With half of all general aviation aircraft deliveries made outside the U.S., there is absolutely no time to waste. The Senate should vote now to reauthorize the Ex-Im Bank.”
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