Reed Seeks to Rebuild American Manufacturing, Lower Costs, and Help Create Good-Paying Jobs

WASHINGTON, DC - U.S. Senator Jack Reed (D-RI) is teaming up with Senate Minority Leader Chuck Schumer (D-NY) and fellow Democrats on new legislation to modernize and expand the U.S. Export-Import (Ex-Im) Bank's mission and strengthen domestic manufacturing and national security while addressing affordability.

Authorizing and expanding the Make More in America Act would rebuild American manufacturing capacity in industries critical to our economy and national security, reducing the country's dangerous dependence on foreign supply chains, especially in China, and help create good-paying jobs across the country.

Specifically, the bill would direct more Ex-Im Bank loans to small and medium-sized manufacturers and help mitigate global supply chain shocks that have fueled inflation. It would also boost Ex-Im's investment capacity, including in startups. The legislation would help Ex-Im partner with the private sector to grow strategic American industries, including semiconductors, artificial intelligence, critical minerals, quantum technology, biotechnology, energy technology like batteries and fusion, robotics, and shipbuilding.

Year after year, Americans have paid the price due to overdependence on fragile global supply chains. There is an urgent need to build back American manufacturing to ensure the country is less vulnerable to higher costs and shortages from broken or undermined supply chains, like we are experiencing with Trump's reckless war in Iran leading to the closure of the Strait of Hormuz or when China threatened to cut off the flow of rare earths and magnets last year.

"Americans cannot keep paying the price every time a supply chain crisis hits - whether it's a pandemic, a war, or the whims of the Chinese Communist Party trying to undermine the American economy," said Leader Schumer. "We have to break the cycle of supple chain shocks that are raising prices, invest in American industry, and protect our national security. As families are facing an affordability crisis and our economic and national security is jeopardized by decades of offshoring manufacturing, including to China, we must work overtime to bring manufacturing and good-paying jobs back to America. There is no reason that the products and technologies that Americans rely on cannot be made here at home. The Make More in America is exactly the kind of bold investment we need to outcompete the CCP and drive American prosperity and security."

"The United States has faced a manufacturing decline under the Trump Administration and we need to reverse that trend. We must bolster domestic supply chains, revive America's manufacturing competitiveness, and get our manufacturing workforce growing again to ensure America is capable of responding to global threats and builds critical technologies here at home. This bill is an innovative investment that would strengthen America's manufacturing capacity in strategic sectors that are critical to national security and our economy," said Senator Reed, the top Democrat on the Senate Armed Services Committee and a member of the Senate Banking Committee, which is slated to hold an upcoming markup on the Ex-Im Bank.

In addition to Schumer and Reed the bill is cosponsored by U.S. Senators Amy Klobuchar (D-MN), Chris Coons (D-DE), Brian Schatz (D-HI), Cory Booker (D-NJ), Elizabeth Warren (D-MA), Chris Van Hollen (D-MD), Tammy Duckworth (D-IL), Mark Kelly (D-AZ), Andy Kim (D-NJ), Lisa Blunt Rochester (D-DE), and Angela Alsobrooks (D-MD).

The legislation will allow Ex-Im investment to build or expand a manufacturing facility in the U.S. so more manufacturing of critical technologies happens in America. The bill also ensures that the expanded capacity of the Ex-Im Bank will directly benefit American workers and communities.

Under the bill, projects supported under the program must demonstrate support for American jobs, pay prevailing wages for construction, protect existing collective bargaining agreements and remain neutral in union organizing, and include commitments to workforce training and education. More favorable terms are available for projects in economically distressed communities and those creating higher-wage jobs.

To protect against misuse of taxpayer money, funds cannot be used for stock buybacks or to repay pre-existing debts, and are subject to clawback if projects are not completed on time or fail to meet labor requirements. To ensure these investments serve the national interest, senior executive branch officials, including the President and Vice President, Members of Congress, and their immediate families are barred from receiving Ex-Im support under the bill.

The AFL-CIO, American Alliance for Biomanufacturing, AUVSI, Employ America, Federation of American Scientists, Information Technology and Innovation Foundation (ITIF), International Association of Machinists and Aerospace Workers (IAM Union), SCSP Action Program, LLC, and United Steelworkers have all endorsed this legislation.

The Ex-Im Bank must be reauthorized by the end of this year.

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