March 15, 2012
RE: Export Import Bank Reauthorization – VOTE YES on Cantwell/Graham Amendment
The undersigned organizations write in strong support of Export Import Bank (Bank) Reauthorization legislation that is expected to be considered this week as an amendment to the Jumpstart Our Business Startups Act or JOBS Act. Specifically, we strongly support the Cantwell/Graham Amendment that includes important legislative text, Section 808, that would create additional avenues of financing for the textile and apparel global supply chain.
While the Ex-Im Bank performs important functions there is an area in which the Bank has not kept up with the global business environment. The Bank does not offer meaningful Supply Chain Financing. Senator Kay Hagan (D-NC) authored an amendment to address this gap in financing for the textile and apparel global supply chain. This important provision supports the textile and apparel global supply chain by adding textile industry representation on the Bank's Advisory Committee and through the execution of an annual report to Congress. The Bank will be required to conduct an analysis of the Bank's efforts to provide financing to textile and apparel industry's and the amount of support the Bank provided to industry exports over the preceding three years.
We strongly believe that this language takes an important step in establishing sound financing options for the textile and apparel global supply chain and urge you to vote Yes when the Cantwell/Graham Ex-Im Reauthorization Amendment.
A. John Maguire
Senior Vice President, National Cotton Council (NCC)
President, National Council of Textile Organizations (NCTO)
President, American Apparel & Footwear Association (AAFA)