Citing the impact on Long Island companies that sell goods and services abroad, Sen. Charles Schumer called Friday for Congress to prevent the closure of a government agency that finances exports.
The Export-Import Bank of the United States won't be able to operate after Sept. 30 without congressional reauthorization, the senator said. He was responding to comments made last month by House Majority Leader Kevin McCarthy (R-California) that the bank should be phased out.
Schumer said Ex-Im had supported more than $57 million in sales last year at 20 local companies including guitar string maker D'Addario & Co, in East Farmingdale and Love & Quiches Gourmet foods in Freeport.
The bank "is one of the key tools we have in our toolbox for supporting and growing manufacturing jobs on Long Island . . . which is why letting the bank expire is simply not an option," said Schumer (D-Brooklyn).
John D'Addario III, president of his family's guitar string business, said Friday it could potentially lose $1 million in sales per year if Ex-Im closes because a customer in Mexico relies on the bank's financing to buy D'Addario products.
Executives from Ecological Laboratories in Malverne and Love & Quiches are expected to join Rep. Carolyn Maloney (D-Manhattan) on Saturday for a Manhattan event in support of Ex-Im.
Rep. Peter King (R-Seaford) and the Long Island Association business group have already voiced their support for the bank, which provides loans, loan guarantees and credit insurance to help foreign buyers purchase American-made products.
Ex-Im has backed $1.7 billion worth of exports from 50 Long Island businesses since 2007.