The U.S. Export-Import Bank, also known as Ex-Im, is currently at a standstill. Congress has failed to renew the organization’s charter that allows the bank to lend to overseas buyers of U.S. supplies and services.
As the trade finance practices of Ex-Im remain at a standstill, it appears that the saga is impacting more than just the companies in need of financing from the bank.
Reports by The Hill yesterday (Aug. 27) revealed that the National Association of Manufacturers (NAM) will be ceasing all fundraising activity for the ongoing presidential race as it focuses its efforts on getting Ex-Im back in action.
“We are postponing all political activity fundraising,” said NAM Senior Vice President of External Relations Ned Monroe. “We had to prioritize away from political activity and back toward legislative activity.”
According to reports, NAM has notified Republican candidates that it will halt fundraising efforts on their behalf. Last year, NAM’s PAC reportedly held 21 political fundraising events. This year they’ve run 16 events. The PAC does not donate directly to candidates, reports added.
According to Monroe, while the PAC “is a powerful tool that we use to help support individual members in the House and in the Senate,” the group decided that “we have finite resources to support candidates and incumbents. It’s important that we put those resources into helping move our legislative agenda.”
Other organizations with major stakes in Ex-Im operations have not made similar moves. According to The Hill, Boeing, which reportedly receives a significant stake of Ex-Im’s loans, has not ceased political donations as a result of the lending standstill. However, Boeing Vice President of Government Operations Communications Gordon Johndroe told the publication that “it would be odd for us to support any particular candidate at that time who is vocally opposed to a policy that is so important to the Boeing employees who give to the PAC.” General Electric, which also works closely with Ex-Im, also hasn’t ceased political fundraising efforts.
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