Dan Lipman, vice president of supplier and international programs for the Nuclear Energy Institute, discussed the consequences if Congress not reauthorizing the U.S. Export-Import Bank (Ex-Im) on Thursday.
Lipman stated that if Congress fails to reauthorize the bank for continued activity, it could mean losing billions worth of nuclear energy business and limit its business opportunities internationally. The deadline for reauthorization is June 30.
Lipman also stated that, over the long-term, both American companies and jobs would be at risk. Without the support of an institution like the Ex-Im bank U.S. Companies would be at a severe disadvantage, Lipman explained.
"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," Lipman said. "Every U.S. company that exports nuclear goods would suddenly find itself at an extreme disadvantage in global markets, resulting in lost sales and lost jobs."
Nuclear exports have been forecasted to be worth approximately $740 billion in the next 10 years. Financing from the bank is supporting approximately 164,000 jobs, and without support those positions are at risk.
According to Lipman, reauthorization of the bank has opposition from leadership and high ranking republicans in both houses. The Associated Press reports that among those opposed to reauthorization are Sen. Ted Cruz (R-TX) and House Financial Services Committee Chairman Jeb Hensarling (R-TX).
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