FirmGreen’s CEO, Steve Wilburn, was invited to testify at U.S. House Committee on Financial Services to discusses how Ex-Im Bank reauthorization uncertainty is affecting FirmGreen’s ability to do business around the world. Click here for video of U.S. House Committee hearing on C-SPAN (Note: offsite link opens in new tab or window. FGI is providing this link for your reference, without endorsement.)
The Full Committee hearing was held at the Rayburn House Office Building on June 25, 2014. Proponents focused on the role Ex-Im Bank plays in retaining domestic manufacturing jobs and the value of exports supported by Ex-Im financing, while opponents highlighted service sector jobs that are being lost to overseas businesses. A strong concern expressed is whether domestic airlines are at a major disadvantage to overseas airlines that benefit by national support they receive at home, as well as from financing extended by the U.S. Export Import Bank.
Discussion was lively on both sides, with the strongest objections focused on loan guarantees for wide body planes. Testimony for reauthorization focused on the fact that other nations support their export banks, and therefore the U.S. would be “unilaterally disarming” if it does not reauthorize the bank.
Click here to read a transcript of Mr. Wilburn’s comments to the Full Committee. (PDF opens in new window or tab)