July 31 (USA Today) — A Boeing official stressed Thursday at a Senate hearing the importance of Export-Import Bank financing to sell planes overseas, even as House leaders threaten to abolish the bank.
Marc Allen, president of Boeing Capital Corp., told the Senate Commerce, Science and Transportation panel’s subcommittee on aviation that 80% of the company’s commercial planes are sold overseas. The company has 168,000 workers and 1.5 million jobs at suppliers.
But the Export-Import Bank, which guarantees financing for foreign airlines and countries that couldn’t otherwise buy Boeing planes, is under attack by House leaders who contend that manufacturers could find other ways to sell their products.
“If Ex-Im goes away, it is predictable Europe and Airbus will use export credit pricing to provide aerospace industries there an advantage over ours,” Allen said.