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IFPTE Sends Letter to House Financial Services Committee Urging Vote for Ex-Im Bank Funding

After a faulty and problematic version of the House bill to reauthorize the Export-Import Bank (Ex-Im) failed to pass out of the House Financial Services Committee this summer, Committee Chairwoman Maxine Waters put forward a bill, H.R.4863, that responded to labor's concerns in the previous version. The new version provides long term funding, includes a process for a temporary Ex-Im board if a quorum cannot be reached, and increases the financing for Bank-supported projects.

IFPTE's letter states:

EXIMis a critical tool that that promotes U.S. manufacturing exports, from the primary exporter down through the domestic supply chain and requires at least 85% domestic context for full financing support. Among the U.S. workers that have benefited from EXIM are IFPTE members working at Boeing, Spirit AeroSystems, and Triumph Composite Systems. EXIMís financing for commercial airplane exports not only supports high-paying jobs and strategic sectors of the economy but also helps reduce our trade deficit, and provides financing for diverse industries, including small-and medium-sized business, consumable and durable goods exporters, and services exporters.Additionally, EXIM returns money to the U.S. Treasury.

The bill passed out of Committee on a 30-27 vote. A similar bill in in the Senate has bipartisan support.

Read IFPTE's letter to the House Financial Services Committee urging the Committee pass a clean Ex-Im funding bill.

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