TPA, Export-Import Bank Critical to US Manufacturing Future, Says NAM President
International markets and consumers are providing a critical lifeline to U.S. manufacturing, and Congress needs to ensure U.S. companies are accessing the best opportunities abroad, said National Association of Manufacturers President Jay Timmons on Feb. 4 during a speech in Minneapolis. Trade Promotion Authority is fundamental to that agenda, he said.
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Lawmakers on Capitol Hill are edging closer to introducing a TPA bill in the coming days and weeks, say many observers, but details of the legislation are still unclear (see 1501270001). “Time is of the essence,” said Timmons, according to prepared remarks released by NAM. “So an aggressive trade agenda – including passing Trade Promotion Authority – would give us greater access to the foreign markets we need.” Timmons also touted potential U.S. manufacturing gains through the Trans-Pacific Partnership and Transatlantic Trade and Investment Partnership.
Export-Import Bank reauthorization will also keep in place a big boon for U.S. manufacturing and exports, said Timmons. "A long-term reauthorization of the Export-Import Bank is a necessary step that this Congress needs to take action on immediately,” said Timmons. “A vote against the Ex-Im Bank is a vote to support sending manufacturing and jobs overseas instead of here at home. It’s really that basic.” Ex-Im supporters are digging in for a fight over reauthorization, after many lawmakers called for the credit agency’s expiration in 2014 (see 1502020012).