ALPA was a key ally in the passage of the Export-Import Bank Reauthorization Act of 2012. The bill is a step in the right direction to reforming the Bank, and implementation of the reforms must be executed rapidly and effectively. However, still more needs to be done to ensure U.S. aviation jobs are not jeopardized by Bank financing. The administration should immediately enter into negotiations with the European countries with export credit agencies that support Airbus aircraft sales in order to eliminate export credit agency financing of all wide-body aircraft, and insure swift implementation of provisions designed to increase transparency at the Bank. Read more about ALPA’s policy priorities for the Ex-Im Bank here.
U.S. Should Create Rules For Export Support, Ex-Im Head Says
By Brian Wingfield – Jun 25, 2012 2:15 PM ET
The U.S. should take the lead in writing global rules for export financing to blunt an increase in unregulated support from nations including China, India and Brazil, Export-Import Bank Chairman Fred Hochberg said.
“Export finance is increasingly like the Wild West, where rules are loosely followed, if at all,” Hochberg said in a speech today in Washington. “America needs to lead the world in developing a new framework.”
Governments are increasing exports with at least $160 billion in unregulated support, including direct state investment, according to the Washington-based Ex-Im Bank. The rules-based system set up in 1978 by the Organization for Economic Cooperation and Development — primarily the U.S. and European nations — is out of date, Hochberg said.