Manufacturers Oppose Nomination of Garrett for Ex-Im Bank Leader

This week, the National Association of Manufacturers (NAM) and the OMA declared their opposition to the nomination of former Rep. Scott Garrett (R-NJ) to chair the U.S. Export-Import Bank (Ex-Im) and called for Ohio Senators Brown and Portman to oppose the nomination.

NAM President & CEO Jay Timmons said in this Wall Street Journal op-ed: “(Garrett’s) confirmation would be a terrible trade deal for our country. His record of aggressively undermining the Ex-Im Bank is tantamount to a vicious trade war against American manufacturing workers.”

Ex-Im Bank programs, such as working capital loan guarantees and credit insurance guarantees, enable thousands of U.S. small businesses to export by ensuring that they have the financing they need to manufacture goods for export and provide competitive terms for their customers.

Countries like China, Germany, the United Kingdom and Italy are devoting hundreds of billions of dollars to official export credit agency (ECA) financing for domestic manufacturers while U.S. exporters have no access to official export credit financing.