ECMC in the news
By: AJOT | May 13 2019 at 07:56 AM | Maritime News
But warns more challenges lie ahead
Houston, TX – UTC Overseas, Houston-based experts in global energy and capital projects, extended its thanks today to the U.S. Senate and to key allies in the long effort to fill vacancies on the U.S. Export-Import Bank (Ex-Im Bank) Board. The Senate this week voted overwhelmingly to confirm Kimberly Reed as President of Ex-Im and Spencer Bachus III and Judith DelZoppo Pryor as members of the agency’s Board of Directors. With their confirmations, Ex-Im now has the board quorum needed to approve financings larger than $10 million and longer than seven years, something it has not been able to do since 2015.
Marco Poisler, UTC COO Global Energy and Capital Projects notes “Since 2015, a small number of Bank opponents have blocked filling these vacancies. The National Association of Manufacturers (NAM) estimates the U.S. lost at least $119 billion in manufacturing output, translating into 80,000 fewer manufacturing jobs in 2016/17 alone as a result.”
“We are proud to have been part of this ultimately successful effort and want to extend special thanks to some key allies. In addition to the NAM, which has worked tirelessly to gather evidence on how limited Bank functionality has impacted the U.S. economy and jobs growth, two members of Congress have been especially supportive: Senator Lindsey Graham and fellow South Carolinian Congressman Joe Wilson have worked effectively behind the scenes to win support from colleagues on both sides of the aisle by reminding Congress of the Bank’s importance to the U.S. economy.
“Ex-Im is just one of more than 100 Export Credit Agencies (ECAs) worldwide working to support and promote their own domestic manufacturers in bidding for global projects. Restoration of full Ex-Im functionality now gives project owners another viable source of financing. and Democrats crossed it this week, undermining the way the system of oversight is supposed to work. How do we know this? Because of what Democrats are declaring a constitutional crisis over — the redaction levels of the Mueller report. Of all the contemptible things the Trump administration has done, this is probably the least contemptible.
“Senator Graham summed it up succinctly by noting: ‘(The Bank’s) work is vital to American competitiveness and jobs. It makes money for taxpayers (and) it allows American companies to…compete with overseas companies who have access to capital that you don’t.’”
Mr. Poisler and Brian Posthumus, Executive Chairman and UTC Overseas Group Owner, have personally and professionally supported the Ex-Im Bank throughout the years by advocating for the Bank’s reauthorization and the re-establishment of a quorum to restore full functionality to the Bank. Both have extended their personal thanks to the numerous customers, colleagues and employees in the project cargo sector who joined UTC’s push for a fully operational Bank. However, it is important to note that the fight is not quite over. “The Bank comes up for Congressional reauthorization again in September, and we anticipate yet another tough battle,” Mr. Posthumus states.