OMS Supports the Reauthorization of the Ex-Im Bank
April 14, 2015
BIRMINGHAM, AL — If Congress does not reauthorize funding for the Export-Import (Ex-Im) Bank of the United States by June 30, 2015, O’Neal Manufacturing Services and thousands of small and medium businesses will be negatively impacted.
The Ex-Im Bank is the official export credit agency of the United States, filling gaps in the trade finance market by working with lenders and brokers to ensure that U.S. businesses get what they need to sell abroad and be competitive in international markets.Failure to reauthorize the Ex-Im Bank would put at risk the more than 200,000 U.S. jobs at 3,400 companies that depend on Ex-Im to compete in global markets.
O’Neal Manufacturing Services (OMS), a private, family-owned supplier of fabricated metal components and welded assemblies, has 9 locations and 1,200 employees in the United States. Many of its customers have relied on the Ex-Im bank to finance business in the states.
Jim McGill, Director of Commercial Strategy for OMS, recently participated in the Ex-Im Fly-in in Washington, D.C., meeting with representatives including Senators John Cornyn (R-TX) and Ted Cruz (R-TX); and Representatives Joaquin Castro (D-TX), Lamar Smith (R-TX), and Will Hurd (R-TX).
“The funding extension of the Ex-Im Bank is important to OMS for several reasons,” said McGill. “One, it is simply the right thing to do to protect American jobs. We at OMS have worked hard to be globally competitive, and we are proud of the fact that we are succeeding. Second, OMS makes capital investment and hiring decisions based on degrees of risks. Our customers depend on the Ex-Im bank for foreign trade. Without firm forecast data from GE Transportation and others, we struggle committing resources necessary to guarantee continued reinvestment. This situation is not good for anyone – especially our employees.”
Nearly 90 percent of the Ex-Im Bank's transactions directly support U.S. small business. Ex-Im Bank operates at no cost to the taxpayer, and it has a track record of generating a profit for the government. In 2014, the Ex-Im Bank supported $27.5 billion of U.S. exports.
"Of all the ongoing issues we have in Washington, D.C., I cannot understand how we decide to fight about a program that has been and continues to be so influential to the success of American businesses," said McGill.