Published May 10, 2012
The U.S. House of Representatives voted 330-93 on Wednesday to reauthorize the Export-Import Bank, a measure Assistant Democratic Leader James E. Clyburn, D-S.C., said would sustain American jobs, especially in South Carolina.
“I rise in strong support of H.R. 2072, the Securing American Jobs Through Exports Act of 2012, which reauthorizes the Export-Import Bank for three years. Last year, the Export-Import Bank supported nearly 300,000 American jobs. This reauthorization is a no brainer,” Clyburn said.
Assistant Democratic Leader James E. Clyburn, D-S.C.
Clyburn noted that the Boeing Co., which employs 6,000 people in North Charleston, depends upon Export-Import Bank financing to sell its jets abroad.
“In my home state of South Carolina, the first Boeing 787 Dreamliner rolled out of the production facility at the Charleston Airport just two weeks ago,” Clyburn said. “The Export-Import Bank fills an important financing gap for Boeing that helps level the global playing field and encourages foreign companies to buy American-made products like the Dreamliner. Reauthorizing the Ex-Im Bank will protect jobs in South Carolina and all across the country.”
James McNerney, chairman of the board, president and CEO of Boeing, has been pointed in his comments about the importance of Export-Import Bank financing for his company’s products.
“Eight out of every 10 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,” McNerney has said.
The Boeing Co., which employs 6,000 people in North Charleston, depends upon Export-Import Bank financing to sell its jets abroad, according to Democratic Leader James E. Clyburn, D-S.C. (Photo/File)
U.S. Sen. Lindsey Graham, R-S.C., echoed Clyburn’s sentiments on the bill, which will now move to the Senate for action.
“I’m very pleased the House of Representatives authorized Ex-Im Bank for another three years,” Graham said. “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.”
A list of South Carolina Export-Import Bank customers is available at this website.
“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,” Graham said. “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,” Graham added. “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.”
Without naming anyone specific, Graham also alluded to the Export-Import Bank’s opponents, who include South Carolina’s junior U.S. Sen. Jim DeMint.
“Competitor nations have ex-im banks far larger and more aggressive than ours,” Graham said. “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.”
“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,” Graham said.