Houston, TX - Officials at UTC Overseas today applauded recent actions by Congress supporting a reauthorization of the U.S. Export-Import Bank (Ex-Im). On October 29th, a strong bipartisan House coalition voted overwhelmingly to approve the Senate version of the Ex-Im reauthorization that passed in July. Then on November 4th, in conjunction with the House debate on the Transportation bill, the House overwhelmingly rejected proposed amendments to the Senate Ex-Im language that could have significantly harmed the effectiveness of the Ex-Im programs and the competitiveness of US Companies internationally. The passage means the Bank reauthorization language in the House and the Senate bills are identical, and should not require any changes when the Conference Committee meets to reconcile the Senate & House Transportation Bills. However, final steps still need to be taken, and UTC is urging supporters to keep up the pressure. The Conference Committee is currently working on a deadline for final passage of November 20 when the current short-term extension of authorized highway spending expires.
“Outstanding,” was the reaction from Alan Favicchio, Oil & Gas Director for UTC Overseas, who has actively supported the Bank in one-on-one meetings with members of Congress. “The strong vote in support of reauthorization demonstrates that both chambers recognize the importance of the Bank in simulating export sales of U.S. goods, the American economy and jobs growth. They clearly got the strong message from American businesses that Ex-Im is a vital tool in closing export deals in the highly competitive global marketplace.”
UTC has played a Project industry leadership role in pushing for Ex-Im reauthorization. UTC Global Chief Operating Officer Mirko Knezevic—who helped mobilize the company’s staff, and customers, colleagues and associates worldwide to contact their representatives—explains: “Halting the Bank would be a unilateral disarmament in our global competition for export sales. Without a national agency to provide loan guarantees and technical help to U.S. exporters, we will lose overseas sales and American jobs to other nations who operate similar programs and recognize their importance in the stimulation of international trade.”
“The Bank’s services stimulate U.S. exports, and in turn, opportunities for us to plan and implement logistics service solutions for those exports. We have also seen clear evidence that without the Bank, U.S. companies were beginning to shift production and jobs overseas as other countries offered the financing assistance they could no longer get here.”
Former US Maritime Administrator, Captain William Schubert, stated, “This recent success demonstrated that our elected representatives can work together in a bipartisan way to maintain US competitiveness in overseas markets for goods and services. The ultimate winner is the American worker”.
Knezevic and Favicchio urged supporters not to slacken their efforts to win final passage. “We will continue to urge our customers, colleagues, associates and employees to push Bank reauthorization over the finish line. It has strong support in both houses and strong support from the business community. Its passage is vital to the economy, to jobs and to America’s ability to compete globally.”