Press Releases

Congressman Morgan Griffith (R-VA) today issued the following statement on recent votes involving the United States Export-Import (Ex-Im) Bank, the official export credit agency of the United States.  It expired in late June.  In the Ninth District of Virginia, the Ex-Im Bank has been used by numerous small businesses.

Though Griffith opposed and voted against procedural motions which undermined the normal committee process and limited the ability of members to amend the legislation, he supported H.R. 597 to reauthorize the Ex-Im Bank and help protect jobs in the Ninth District of Virginia.  Congressman Griffith said:

“This bill was about helping small businesses keep and create jobs.  Like others, I am frustrated by the process through which legislation dealing with the U.S. Export-Import Bank is being brought to a vote.  I would have preferred a process that would have allowed amendments on the floor, amendments which could have strengthened reforms of the bank in the bill.”

“While there are ‘toads’ associated with this legislation that are hard to swallow, there are also several good ‘candy apples’ as well.  Among other things, the bill does give modest reforms in the way the bank operates, and it helps to protect jobs in the Ninth District and throughout the nation.  One way it seeks to keep and create jobs is that it helps to roll back President Obama’s plan to limit coal exports and financing.  In 2013, the President gave instructions and the Ex-Im Bank Board of Directors voted to ban the use of Ex-Im loans for exporting goods and some coal-related technologies to foreign coal-fired power plants.”

“Another way it helps keep and create jobs is that the Ex-Im Bank lends money to businesses, including small businesses which may have difficulty obtaining financing elsewhere so that they can be more successful at exporting their product.”

“As I travel throughout the district speaking with constituents, it is very clear that people in the Ninth District want to work.  While it may not be the best vehicle possible, this legislation will be a tool to help maintain and increase jobs in our area and throughout the United States.  In these times of economic uncertainty and so many damaging government policies, we cannot take steps that further hurt American jobs, businesses, and our overall global competitiveness.”

“Additionally, the Obama Administration had called for prohibitions on making loans for some coal-related technologies.  This legislation would roll back those anti-coal prohibitions, prevent Ex-Im from denying financing for coal technology projects, and give coal a fighting chance.”

With the reauthorization of Ex-Im, businesses such as Bristol Compressors may continue to have access to financing which may help them to maintain or grow jobs in the Ninth Congressional District.  Vicky Kiser, Chief Financial Officer with Bristol Compressors said, “In 2015 Bristol Compressors experienced a 20% growth in Sales; of which International Export was a key driver that allowed Bristol to create 100+ jobs due in part to Ex-Im Bank and other resources that the company uses to manage the business.  Bristol Compressors appreciates Representative Griffith’s support of the reauthorization of the Export-Import Bank.”

Said Wil Brush, International Sales Manager with The Turman Group in Hillsville, “Ex-Im Bank provides the Turman Group affordable trade credit support to export our products to over 30 countries.  The Turman Group is a family owned + operated business based in Southwest Virginia employing over 500 people.  We ask that Congressman Griffith encourage the rest of his colleagues to support the reauthorization and help companies like the Turman Group maintain the jobs we have as well as keep us positioned for growth in the future.”

Representatives for Strongwell Corporation in Abingdon and Bristol said, “The National Association of Manufacturers recently completed a study that found America 10th in global exports as a percentage of GDP.  Much of that can be attributed to the loss of the credit and liquidity benefits Ex-Im Bank provided since Congress allowed Ex-Im Bank to lapse in June of this year.  Strongwell believes large and small manufacturers alike can be put back on track to compete globally with the re-activation of Ex-Im Bank.  Congress’s actions in doing so will send a strong message of support to American manufacturers competing in a global arena.”

Additionally, without the re-authorization of the Ex-Im Bank, jobs at businesses such as FoxGuard Solutions, Inc., a computing and cyber security solutions provider, could be in jeopardy.  According to Gary Overstreet, V.P. at FoxGuard, “we provide about 40% of our products to projects that are outside of the United States.  Many of those projects require financing from the Ex-Im Bank.  If the Ex-Im Bank goes away, those projects would be lost and FoxGuard Solutions could be forced to eliminate jobs in our Christiansburg, Virginia facility.  The re-authorization of the Ex-Im Bank is a very positive step toward protecting good jobs in southwest Virginia.”

Also, Congressman Griffith has communicated about the Ex-Im Bank with several in the coal industry, including Alpha Natural Resources headquartered in Bristol, Virginia.  Ex-Im reauthorization is important to the coal industry.  As said Luke Popovich, a spokesman for the National Mining Association, “We welcome the Congressman’s help in repealing a misguided Administration policy that unwisely constrains the U.S. Export-Import Bank from financing projects that not only help the developing world but also keep American workers on the job and keep our industries competitive.”

Congressman Griffith concluded, “Accordingly, I decided to vote in favor of jobs.  While certainly a flawed bill that came to the floor in an unusual manner and an unamended state, I could not ignore the significant number of layoffs and higher unemployment in my district.”

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