GAMA Seeks Export Support In Congress

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image: GAMA

Reauthorization of the Export-Import Bank made some progress in Washington over the weekend, winning support from a Senate vote in a rare Sunday session. The General Aviation Manufacturers Association has been lobbying for reauthorization of the bank, which expired June 30, saying the bank’s loan guarantees help GA manufacturers to close transactions with non-U.S. buyers. The bill is expected to pass in the Senate early this week, according to The New York Times, but faces a “potential showdown” in the House, CNBC reported Monday. The reauthorization is moving through Congress as an amendment to a highway bill. President Obama has said he supports reauthorizing the bank.

The bank “supports millions of manufacturing jobs throughout the country, allows U.S. businesses to compete on a level playing field globally, and returns funds to the U.S. Treasury,” said GAMA President Pete Bunce. “With half of all general aviation aircraft deliveries made outside the U.S., there is absolutely no time to waste.” Since 2012, the Ex-Im Bank has provided loan guarantees of more than $1.9 billion to general aviation manufacturers, acting when commercial banks will not or cannot provide financing, according to GAMA.

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