Arlington, Va. — With the news today that a $1.1 billion order for Boeing jetliners by a South African airline is at risk of cancellation, and the recent announcements of three lost U.S. commercial satellite sales, it is clear that the failure of Congress to re-authorize the U.S. Export-Import Bank is causing the American aerospace industry to lose ground against its foreign competitors, and potentially thousands of workers to lose their jobs.
U.S. companies large and small have been telling members of Congress for months now that overseas customers are going to buy from foreign competitors in the absence of ExIm Bank financing. This is because our industry faces direct competition from other countries that also offer credit financing. By having our own credit financing, we had a level playing field to compete – and when the playing field is level, no competitor stands against the quality of a U.S. made aerospace product. It is incredibly frustrating that all of our warnings have been ignored, and that an ideologically extreme minority can force delay and inaction.
The purchase and payment lead times in our industry are long, and the clock is ticking. The price for delay of the vote to re-authorize the ExIm Bank is going up every second, and our nation will ultimately bear the cost. Hold the vote and reauthorize the Export-Import Bank!
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