The expiration date for the Export-Import (Ex-Im) Bank’s charter is approaching in June with no clear path toward a long-term reauthorization.
This is the case despite the fact that both the Democratic administration and the Republican-controlled Congress have expressed support for promoting trade. Without Congressional action, the future of U.S. manufacturing’s global competitiveness remains uncertain.
My company, DemeTECH Corporation, began by making surgical sutures and blades for domestic customers. With Ex-Im financing, we now export our world-renowned products to more than 100 countries. Our sales come 90 percent from these exports, of which Ex-Im financing insures more than half.
Since 2007, almost 900 Florida businesses received Ex-Im financing that supported 51,000 jobs. Losing Ex-Im financing would deliver a harsh blow to business throughout the state.
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I look to Florida’s representatives in Congress and my representative, Mario Diaz-Balart, to provide the competitive edge U.S. companies need to drive export growth by passing a long-term reauthorization of the Export-Import Bank.
Luis Arguello, chairman and CEO, DemeTECH Corporation, Miami