National Association of Manufacturers has enlisted former House Majority Leader Dick Gephardt to fend off Republican threats to kill the US Export-Import Bank, which they claim provides corporate welfare to giant companies such as Boeing, General Electric and Caterpillar.
Standard & Poor's calculates the aerospace giant sopped up a third of Ex-Im Bank's total financial commitment from 2007 to 2013 in its global fight against Airbus, which is subsidized by European governments.
Incoming GOP Majority Leader Kevin McCarthy of California, who will succeed Eric Cantor, has switched sides on whether to reauthorize the bank and now lines up with Tea Partiers who want to kill the institution. Cantor supported the bank.
NAM CEO Jay Timmons has said, "A vote against the Ex-Im Bank is a vote to support growing manufacturing and jobs overseas and not in the US."
U.S. Chamber of Commerce and NAM claim more than 200K workers at 3,400 companies rely on the Ex-Im Bank for their livlihoods.
Congress faces a Sept. 30 deadline to renew Ex-Im Bank authorization.