Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

America Needs the Ex-Im Bank Swift Reauthorization Would Create Thousands of U.S. Jobs

Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

America Needs the Ex-Im Bank Swift Reauthorization Would Create Thousands of U.S. Jobs

Article excerpt

The global marketplace is not a level playing field.

Thousands of American manufacturing jobs hang in the balance when U.S. companies - large and small - seek to do business internationally against competitors who are subsidized by their governments.

That's why the Export-Import Bank is essential for American business.

The Export-Import Bank is the export credit agency of the United States. Since it was established in 1934, the Ex-Im has helped American companies compete with government-supported competitors overseas on the basis of price, performance and service.

Throughout its history, the Ex-Im has financed global projects that have created hundreds of thousands of U.S. jobs. Beyond that, Ex-Im returned over $1 billion to the U.S. Treasury in 2013 alone, a return on investment unsurpassed in any federal financing program.

However, the Ex-Im Bank's authorization expires in September and requires congressional renewal.

At Westinghouse, the need for Ex-Im reauthorization is real to thousands of American workers. Four Westinghouse AP1000 nuclear power plants now under construction outside of the United States are creating more than 20,000 American jobs in no less than 20 states, a number that will surely increase as we pursue other nuclear plant projects in Brazil, the United Kingdom, Bulgaria, Poland and Asia. This global market is valued in excess of $740 billion over the next decade, according to the U.S. Department of Commerce.

Like other U.S.-based companies, Westinghouse is the world leader in its technology. Nonetheless, without Ex-Im financing in emerging economies around the world, we would be at a severe competitive disadvantage.

Why? Because Westinghouse and the U.S. nuclear power industry compete in the world of multi-billion-dollar infrastructure projects and in an industry where most of our competitors are owned or subsidized by their governments. Nations such as Russia, the Republic of Korea and France provide their national nuclear energy suppliers with multiple forms of support, including strong trade finance. …

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