GAMA on Tuesday praised the Senate's passage of H.R.2072, Export-Import Bank Reauthorization. The bi-partisan legislation extends the bank’s charter into 2014 and grows its authorized lending cap to $140 billion, an increase over the current $100 billion.
“The Export-Import Bank’s continued lending authority is great news for thousands of general aviation manufacturing workers and businesses of all sizes,” said GAMA’s President and CEO, Pete Bunce (pictured). “Reauthorization ends a period of great uncertainty for our industry’s manufacturers who have come to increasingly rely upon Export-Import Bank financing over the past several years.”
The reauthorization comes immediately after Export-Import Bank President, Fred Hochberg, announced a “new credit process to facilitate and expedite the Bank’s financing for business aircraft and helicopters.” The announcement was made at the European Business Aviation Convention and Exhibition (EBACE) held in Geneva, Switzerland this week.
“We appreciate the great bi-partisan efforts in both chambers," Bunce said. "This legislation, coupled with the bank’s own initiatives to facilitate general aviation financing, will certainly assist in the recovery of our industry and protect high-quality manufacturing jobs.”