Calls Action A 'Critical Step' For GA Manufacturers

Passage of Export-Import Bank reauthorization by the U.S. House of Representatives is a necessary and critical step forward to ensure a level playing field for U.S. general aviation manufacturers in the global marketplace, according to GAMA. With the 313-118 vote, the legislation now heads to the U.S. Senate.

“We want to offer our sincere thanks to the members of the House of Representatives who stood up today to protect U.S. manufacturing jobs,” GAMA President and CEO Pete Bunce. “The vote showed what we knew all along: when given a chance to vote for the Bank’s reauthorization, an overwhelming number of members of Congress did so, demonstrating the tremendous bipartisan support the Bank enjoys. Now we need to find a pathway to ensure a reauthorization bill is sent to President Obama for his signature in short order. With similar export credit agencies operating right now in more than 60 other countries, America’s hard-working manufacturing employees deserve nothing less than a fair chance and level playing field to compete globally.”

The vote came after passage of a discharge petition to bring the bill to the House floor. The Bank has provided more than $1.9 billion to general aviation manufacturers since 2012 in financing guarantees that are often unavailable from commercial banks, allowing them to close deals with non-U.S. clients. The Bank also returns a surplus to U.S. taxpayers, amounting to $675 million just in Fiscal Year 2014.

(Source: GAMA news release)

FMI: www.gama.aero