National Association of Manufacturers Hosts Chairman Reed to Discuss EXIM COVID-19 Response Efforts with 50 Diverse Industry Leaders
WASHINGTON - Export-Import Bank of the United States (EXIM) President and Chairman Kimberly A. Reed yesterday joined 50 diverse industry members of the National Association of Manufacturers (NAM) via teleconference to discuss EXIM's temporary COVID-19 relief measures and Program on China and Transformational Exports.
"All of America's manufacturing firms, and the millions of manufacturing jobs in this country, are the reason President Trump takes such great pride in 'those four beautiful words: Made in the USA,'" said Chairman Reed. "These high-quality products are the result of hard work and innovation found nowhere else in the world. EXIM is proud to support America's manufacturers, particularly as they face challenges from the COVID-19 pandemic. I also appreciate the National Association of Manufacturers' leadership in ensuring that workers across our great nation have a level playing field and expanded opportunities to compete and win in the global marketplace."
Also joining the call was EXIM Chief Banking Officer Steve Renna, who discussed the specifics of EXIM's temporary relief measures, and Counselor to the Chairman and Senior Vice President David Trulio, who highlighted EXIM's Program on China and Transformational Exports.
EXIM's temporary COVID-19 relief measures include waivers, deadline extensions, streamlined processing, and flexibility for its working capital loan guarantee and export credit insurance programs. On March 25, 2020, EXIM's Board of Directors unanimously adopted a resolution affirming support of additional temporary relief measures including bridge financing, progress delivery payment financing, supply chain finance guarantees, and working capital guarantee expansions.
EXIM's Program on China and Transformational Exports, established in EXIM's historic seven-year reauthorization, directs EXIM to provide financial products to directly neutralize export subsidies offered by the People's Republic of China, helping to ensure a level playing field for U.S. businesses and workers as they compete globally. The program has the aim of advancing the comparative leadership of the United States and supporting U.S. innovation, employment, and technological standards globally.
EXIM is an independent federal agency that promotes and supports American jobs by providing competitive and necessary export credit to support sales of U.S. goods and services to international buyers. A robust EXIM can level the global playing field for U.S. exporters when they compete against foreign companies that receive support from their governments. EXIM also contributes to U.S. economic growth by helping to create and sustain hundreds of thousands of jobs in exporting businesses and their supply chains across the United States. In recent years, approximately 90 percent of the total number of the agency's authorizations has directly supported small businesses. Since 1992, EXIM has generated more than $9 billion for the U.S. Treasury for repayment of U.S. debt.
For more information about EXIM, please visit www.exim.gov.