Jun 26, 2015

Here Come The Cronies: The Ex-Im Bank’s Advisory Committee

Post by Freedom Partners

Arlington, VA — Congress has left for recess, essentially guaranteeing that the Export-Import Bank’s charter will expire after June 30, and already the bank’s supporters are rolling out their cronies in a desperate attempt to bring the bank’s subsidies back from the dead.

The Los Angeles Times ran a story this morning featuring a company called ProGauge Technologies, which insists that it won’t be able to compete without the Ex-Im Bank.

Here’s the thing: ProGauge is on the Ex-Im Bank’s Advisory Committee, and this isn’t the first time a company with ties to the bank has lobbied for reauthorization without disclosing their membership.

It looks like the doom-and-gloom scenarios we warned about earlier this week are coming directly from the handful of politically connected companies who sit on the bank’s chief committee. Meanwhile, more than 98 percent of American exports are successfully financed without the Ex-Im Bank.

Cronies On Ex-Im’s Advisory Committee Plead For Reauthorization

This Morning

ProGauge Technologies: “It’s Going To Be Devastating For Us.” “‘It’s going to be devastating for us,’ said Don Nelson, chief executive of ProGauge Technologies Inc., a Bakersfield manufacturer of oil industry equipment. ‘Basically, we just won’t be able to export anymore.’ . . . ‘If the Ex-Im Bank isn’t here, we can’t fill the order,’ he said.” (Jim Puzzanghera, “Export-Import Bank’s Cloudy Future Raises Worries Of Job Losses,” Los Angeles Times, 06/26/15)

ProGauge Technologies Benefited From More Than $15 Million In Ex-Im Financing From 2007 To 2015. (“California Export Data,” Export-Import Bank of the United States, Accessed 06/26/15)

ProGauge Technologies Is On The Ex-Im Bank’s 2015 Advisory Committee. (“Ex-Im Bank Announces 2015 Advisory Committee,” Export-Import Bank of the United States, 01/06/15)

Not The First Time

ABRO Industries “Credits The Bank With Increasing Its Sales.” “South Bend-based Abro Industries credits the bank with increasing its sales 80 percent in the years that the company has used the bank, said president Peter Baranay. . . . ‘We’re very proud of the fact that we’re a very large user of the Export-Import Bank services, for which we paid a substantial premium,’ Baranay said. ‘We didn’t get anything for free.’” (Maureen Groppe, “Tea Party, Lugar Spar Again—Over Export-Import Bank,” Indianapolis Star, 07/31/15)

ABRO Industries Benefited From More Than $450 Million In Ex-Im Financing From 2007 To 2015. (“Indiana Export Data,” Export-Import Bank of the United States, Accessed 06/26/15)

ABRO Industries Was On The Ex-Im Bank’s 2013 Advisory Committee. (“Ex-Im Bank Announces FY2013 Advisory Committee Members,” Export-Import Bank of the United States, 11/16/12)

ABRO Industries Was On The Ex-Im Bank’s 2012 Advisory Committee. (“Ex-Im Bank Announces FY2012 Advisory Committee Members,” Export-Import Bank of the United States, 12/14/11)

Frontier Spinning Mills Has Participated In At Least One Event With Chairman Fred Hochberg About How The Ex-Im Bank Supports Businesses. “Hochberg arrived in the Triad this week to discuss and promote the Washington, D.C.-based bank’s role in boosting exporting activity as part of a larger tour that included visits to Greensboro-based yarn maker Unifi Inc., one of the Triad’s largest employers with about 2,000 local employees, and Frontier Spinning Mills, which has two plants in Mayodan. Hochberg also planned to tour the facility of Kernersville-based Miss Jenny’s Pickles.” (Katie Arcieri, “Export-Import Bank Chairman Highlights U.S. Export Success, Financing,” Triad Business Journal, 01/15/14)

Frontier Spinning Mills Benefited From More Than $391 Million In Ex-Im Financing From 2007 To 2015. (“North Carolina Export Data,” Export-Import Bank of the United States, Accessed 06/26/15)

Frontier Spinning Mills Was On The Ex-Im Bank’s 2014 Advisory Committee. (“Ex-Im Bank Announces 2014 Advisory Committee,” Export-Import Bank of the United States, 12/17/13)

Frontier Spinning Mills Was On The Ex-Im Bank’s 2013 Advisory Committee. (“Ex-Im Bank Announces FY2013 Advisory Committee Members,” Export-Import Bank of the United States, 11/16/12)

Boyle Energy Services And Technology: “[The Ex-Im Bank] Is An Incredibly Valuable Tool For United States Small Businesses. . . . The U.S. Government Had My Back.” Michael P. Boyle believes the upstart energy services and technology company he founded in 1993 would have become a global competitor without the support of the Export-Import Bank of the United States. But it would have taken longer and it helped that the ‘U.S. government had my back.’ ‘It is an incredibly valuable tool for United States small businesses,’ Boyle said Thursday of the independent federal agency charged with expanding U.S. exports through credit protection insurance, extending lines of credit to overseas consumers and other financial products.” (Kathryn Marchocki, “Export-Import Bank Chairman Tours NH Business,” Union Leader, 07/24/14)

Boyle Energy Services And Technology Benefited From More Than $53 Million In Ex-Im Financing From 2007 To 2015. (“New Hampshire Export Data,” Export-Import Bank of the United States, Accessed 06/26/15)

Boyle Energy Services And Technology Was On The Ex-Im Bank’s 2014 Advisory Committee. (“Ex-Im Bank Announces 2014 Advisory Committee,” Export-Import Bank of the United States, 12/17/13)

Boyle Energy Services And Technology Was On The Ex-Im Bank’s 2013 Advisory Committee. (“Ex-Im Bank Announces FY2013 Advisory Committee Members,” Export-Import Bank of the United States, 11/16/12)

Ceilings Plus: “Without Ex-Im, We Would Never Be Where We Are Today.” “‘Ex-Im carried us through the recession in the construction business,’ Mercato said. ‘We were growing right through it. Without Ex-Im, we would never be where we are today.’” (Margot Roosevelt, “Is Export-Import Bank ‘Corporate Welfare?’ Local Firms Debate,” Orange County Register, 09/12/14)

Ceilings Plus Benefited From More Than $32 Million In Ex-Im Financing From 2007 To 2015. (“California Export Data,” Export-Import Bank of the United States, Accessed 06/26/15)

Ceilings Plus Was On The Ex-Im Bank’s 2013 Advisory Committee. (“Ex-Im Bank Announces FY2013 Advisory Committee Members,” Export-Import Bank of the United States, 11/16/12)

Ceilings Plus Was On The Ex-Im Bank’s 2012 Advisory Committee. (“Ex-Im Bank Announces FY2012 Advisory Committee Members,” Export-Import Bank of the United States, 12/14/11)

Morrison Textile Machinery: Our Export Sales Would Not Be Possible Without The Ex-Im Bank. “Morrison Textile Machinery’s export sales, and its internal expansion, would not be possible, White said, without the Export-Import Bank, the export credit agency of the U.S. government. . . . On Tuesday in Rock Hill, White was joined by representatives from Boeing, General Electric and Honeywell to make South Carolina’s case for the bank.” (Don Worthington, “Federal Bank Debate Hits Home For Chester Co. Businessman,” Rock Hill Herald, 08/37/14)

Morrison Benefited From More Than $11 Million In Ex-Im Financing From 2007 To 2015. (“South Carolina Export Data,” Export-Import Bank of the United States, Accessed 06/26/15)

Morrison Is On The Ex-Im Bank’s 2015 Advisory Committee. (“Ex-Im Bank Announces 2015 Advisory Committee,” Export-Import Bank of the United States, 01/06/15)

First Solar Has Participated In At Least One Event With Chairman Fred Hochberg About How The Ex-Im Bank Supports Businesses. “U.S. Secretary of Energy Ernest Moniz and Fred Hochberg, the chairman and president of the Export-Import Bank of the United States, journeyed to Perrysburg Township Friday to tour Tempe, Ariz.-based First Solar Inc.’s only U.S. solar panel manufacturing plant.” (Jon Chavez, “Energy Secretary Praises Advances At First Solar Plant,” Toledo Blade, 02/21/15)

First Solar Benefited From More Than $5 Million In Ex-Im Financing From 2007 To 2015. (“Arizona Export Data,” Export-Import Bank of the United States, Accessed 06/26/15)

First Solar Was On The Ex-Im Bank’s 2014 Advisory Committee. (“Ex-Im Bank Announces 2014 Advisory Committee,” Export-Import Bank of the United States, 12/17/13)

FirmGreen: “I’m Very Concerned [About The Ex-Im Bank’s Expiration]. . . . It’s Going To Be Full Of Angst.” “‘I’m very concerned,’ said Steven Wilburn, chief executive of FirmGreen Inc., a Newport Beach renewable energy company. . . . ‘We have to make some decisions, and those are going to be a little bit like looking into a crystal ball,’ he said. ‘It’s going to be full of angst.’” (Jim Puzzanghera, “Export-Import Bank Gets Reprieve, But Supporters Remain Worried,” Los Angeles Times, 09/19/14)

FirmGreen Benefited From More Than $4 Million In Ex-Im Financing From 2007 To 2015. (“California Export Data,” Export-Import Bank of the United States, Accessed 06/26/15)

FirmGreen Was On The Ex-Im Bank’s 2014 Advisory Committee. (“Ex-Im Bank Announces 2014 Advisory Committee,” Export-Import Bank of the United States, 12/17/13)

FirmGreen Was On The Ex-Im Bank’s 2013 Advisory Committee. (“Ex-Im Bank Announces FY2013 Advisory Committee Members,” Export-Import Bank of the United States, 11/16/12)

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