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Expiration of Export-Import Bank's Charter Is Bad News

WASHINGTON, June 29, 2015 (GLOBE NEWSWIRE) -- The Nuclear Energy Institute's vice president for supplier and international programs, Daniel S. Lipman, made the following remarks about the June 30 expiration of the law authorizing the Export-Import Bank of the United States (Ex-Im Bank).

"Opponents of the Export-Import Bank have achieved a Pyrrhic victory that is going to cost the United States jobs and influence in the global marketplace. One hopes their victory is short-lived, and that the clear majorities in the U.S. Senate and House of Representatives who support the Ex-Im Bank will soon have an opportunity to vote to reauthorize its charter.

"The farther we get from the June 30 expiration without reauthorization, the larger the toll on the U.S. economy will become. In the civilian nuclear business, foreign customers will not contract with you if you don't have Ex-Im-type financing lined up. The leading nuclear energy supplier nations such as Russia, South Korea, Japan and France provide their suppliers with multiple forms of support, including strong trade finance. Every U.S. company that exports nuclear goods will now find itself at an extreme disadvantage in global markets, resulting in lost sales and lost jobs.

"Every job matters to the person who holds it. For nuclear power exports, up to $740 billion in potential sales is projected to be on the table over the next decade. Imagine the difference these opportunities can make for the people who get jobs serving this market and for our economy as a whole. Without Ex-Im, those opportunities vanish, and tens of thousands of Americans already employed on the strength of Ex-Im financing are at jeopardy of losing their jobs.

"The nuclear energy industry urges leaders in Congress to schedule an up-or-down vote on the bank's charter as soon as possible."

The Nuclear Energy Institute is the nuclear energy industry's policy organization. This news release and additional information about nuclear energy are available at www.nei.org.

CONTACT: Contact NEI's media relations staff at media@nei.org, 202.739.8000 during business hours or 703.644.8805 after hours and weekends.

Source:Nuclear Energy Institute