The NCC joined with National Council of Textile Organizations and the American Apparel & Footwear Assoc. on a letter to senators urging their strong support of Export Import Bank (Bank) Reauthorization legislation that is expected to be considered as an amendment to the Jumpstart Our Business Startups Act or JOBS Act.
Specifically, the organizations expressed strong support of the Cantwell/Graham Amendment, which includes important legislative text (Section 808) that would create additional avenues of financing for the textile and apparel global supply chain.
The letter stated, “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.”
The letter noted that Sen. Hagan (D-N.C.) 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 the textile and apparel industries 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 to the Cantwell/Graham Ex-Im Reauthorization Amendment,” the letter stated.