A broad spectrum of manufacturing organizations are urging lawmakers to support language that would enable the U.S. Export-Import (Ex-Im) bank to approve transactions that are greater than $10 million. In a September 12 letter to House and Senate leaders, 15 organizations, including GAMA and the Aerospace Industries Association, noted that despite last year’s multi-year renewal of the Ex-Im bank, the bank’s governing board does not have the required number of directors to approve transactions of more than $10 million. 

The organizations urged congressional leaders to support language in an upcoming stopgap government funding measure that would modify the bank’s quorum requirement to enable larger transactions.

“Continuing to leave the agency handicapped not only harms the large manufacturers that will lose projects to foreign competitors with better access to financing, it also harms the small and medium-sized companies in their supply chains,” the letter stated. “With every passing day, businesses from the U.S. are missing out on new business opportunities overseas, to the detriment of local economies and American jobs.”

The Ex-Im language has been included in both the House and Senate version of foreign operations appropriations, but it is unclear whether those bills will receive consideration this year. Congressional leaders, meanwhile, have been negotiating a potential extension of government-wide funding through December 9 with hopes to bring such a measure to a vote shortly.