GNDC Joins Coalition to Ensure Ex-Im Bank Remains Active
BISMARCK, ND – The Greater North Dakota Chamber (GNDC) has joined a coalition coordinated by the National Association of Manufacturers (NAM) to support the Export-Import Reauthorization Act of 2019. This bill - S. 2293, introduced by Senator Cramer (R-ND) and Senator Sinema (D-AZ), ensures that the U.S. Export-Import (Ex-Im) Bank does not expire. Other members of the coalition include numerous state and local chambers who support manufacturers and agricultural producers who sell products at the global market.
The Ex-Im Bank is the official credit agency of the United States, acting as a last resort lender, filling in when commercial lending is not available to U.S. exporters. In North Dakota, the Ex-Im Bank has provided working capital of $37,039,296 and other export tools for 16 specific businesses in order to export products and crops to key foreign markets.
“Passage of this legislation in Washington is critical to North Dakota manufacturers and agricultural producers to ensure long-term stability and remain competitive in the global economy,” stated Matt Gardner, GNDC’s Director of Government Affairs. “Access to foreign markets is vital to North Dakota businesses to bring their product to market but also to the workforce that relies on these transactions. If the Ex-Im Bank were to expire or lose its ability to function, workers and industries would face challenges at a national level beyond our borders.”
Congress has returned from recess and will be examining this issue. The current Ex-Im Bank is set to sunset on September 30, 2019.