Portsmouth Herald: Ayotte Stresses Support for Ex-Im Bank During Visit to Westinghouse Electric

Press Release

U.S. Sen. Kelly Ayotte made two stops at New Hampshire businesses with the message that the reauthorization of the Export-Import (Ex-Im) Bank is vital to the state's economy and job production.

Ayotte visited Boyle Energy in Concord and Westinghouse Electric Company in Newington, touring their facilities and talking about ways Ex-Im Bank helps their companies.

Ayotte said the House failed to reauthorize Ex-Im before they left for the month of August. Because of that, their authorization expired on July 1. A vote to reauthorize cannot be taken until at least September, resulting in Ex-Im informing their clients via their website (www.exim.gov/authority-has-lapsed/) that they are unable to accept or process any new loan applications or other prohibited activities.

Ex-IM supports U.S. jobs by financing the export of American goods and services. Per their website, in 2014, 90 percent of their business loans supported small business ventures, and helped create 164,000 jobs.

Ayotte said the reauthorization is critical. She said without it, companies will be unable to compete globally with countries that have funding similar to what Ex-Im offers. Manufacturers may move operations overseas, resulting in job losses here.

The Westinghouse Electric plant in Newington, manufactures components for nuclear power plants. General manager Ramon Serrano said they make control rod drive mechanisms, reactor cooling pumps, and reactor vessel internals.

"We significantly benefit from Ex-Im," said Serrano. "Company-wide, we have about $2 billion in Ex-Im loans, with about $650 million coming through here for what we do."

Chip Yost, director of government and international affairs, said they currently have contracts with China and the United Arab Emirates to provide components for nuclear energy plants.

"We are in plans for about 30 plants in China alone," said Yost. "If we cannot fund the exports, we are not able to compete. Many of these types of contracts require funding to be in place, and they will not consider us without it. If we can't get in the game, we lose substantially. The contracts for these plants run 40-60 years, from the building, to the refueling and plant upgrades."

Serrano said the UAE secured two loans through the Emirati Nuclear Energy Corporation to buy the American products to be shipped to their country.

Ayotte said the reauthorization bill was added as an amendment to a multi-highway bill. While it was passed by the Senate, she said the House only passed a smaller highway funding bill and did not address the Ex-IM authorization, resulting in the expiration of authority.

"This is critical, both for small businesses like the one we visited in Concord this morning, and for large companies like Westinghouse," said Ayotte. "The world is looking more to nuclear energy. We are trying to reduce emissions, including carbon and this seems to be the answer. I am only talking energy, not anything military. In addition, Ex-Im returns money to the treasury, helping reduce the budget deficit."

Yost said other commercial banks and lenders are not in the same position to be able to offer the types of loans companies need to keep jobs here and to compete globally.

"It's like tying one hand behind our back, while we try to keep jobs and financing here," Ayotte said.

September is the earliest the bill can be put up for a vote. Ayotte said she hopes that happens quickly but promised to keep pushing for Ex-Im reauthorization.

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