McHenry: Ex-Im Should be Focused on the Exports of the Future
Washington,
June 4, 2019 -
WASHINGTON – Today, the Republican leader of the House Financial Services Committee, Patrick McHenry (NC-10), called for the modernization and diversification of the more than 80-year-old U.S. Export-Import (Ex-Im) Bank. He highlighted the increased focus of the Bank today as “a tool of our national interests, and even our national security interests,” in light of China’s “unparalleled levels of export subsidies for its companies.”
Watch Ranking Member McHenry’s opening remarks here or by clicking on the image below.
Ranking Member McHenry went on to raise concerns with the technological advancements that have been financed by China, specifically 5G technology and the actions taken by Huawei. The Ranking Member asked what steps can be taken to promote U.S. companies’ competitiveness to prevent China from “setting the network standards for the future.”
Linda Menghetti Dempsey, Vice President, International Economic Affairs, National Association of Manufacturers, stated that in the reauthorization of Ex-Im, there is an opportunity to “promote our exports, our participation, in the development of 5G internationally, in a way that promotes competition, and has more supplier diversity,” reaffirming the Ranking Member’s efforts to reform and modernize the Ex-Im Bank.
Watch Ranking Member McHenry’s questioning here or by clicking on the image below.
Background: In January, Ranking Member McHenry requested the committee hold a hearing on the Ex-Im Bank to examine the role of the Bank in the global competitiveness of U.S. companies and job creation.
The Ranking Member went on to establish a working group with Republican committee members to combine Ex-Im reform priorities.
