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As the clock struck midnight, June 30th, without a Congressional reauthorization, the Export-Import Bank’s charter expired and the Bank formally shutdown—no longer with the authority to provide guarantees and loans to level the playing field for U.S. exporters as they compete with foreign companies having the ongoing support of the export credit agencies.
We have identified projects and export transactions amounting to more than $20 billion now in jeopardy because of the shutdown of the Ex-Im Bank. Just as critical is the situation faced by small and medium sized exporters across the country whose ability to export, and even manufacture their products, is compromised by Congress’ failure to keep the Bank’s programs open. As their working capital guarantees expire, or their ability to finance their export transactions on a competitive basis disappears with the shutdown of Ex-Im, U.S. businesses and the jobs they support will increasingly suffer. The adverse impact of the shutdown will also be felt by the tens of thousands of supplier companies that support both small and large exporters.
The effort to reauthorize the Bank must continue. Please contact your Congressional representatives and urge in the strongest terms the need for a functioning Ex-Im Bank.