Walz Visits AGCO in Jackson, Touts Made-in-America Manufacturing
Walz and AGCO agree that the Export-Import Bank, which promotes American Manufacturing around the world at no cost to taxpayers, must be reauthorized
Jackson, MN [8/20/14] – Today, Representative Tim Walz toured AGCO Manufacturing in Jackson to tout Made-in-America manufacturing and push for reauthorization of the Export-Import Bank. The Bank promotes American manufacturing around the world and protects hundreds of thousands of U.S. jobs by providing American businesses and workers with the certainty they need to compete in the global marketplace. Furthermore, since 2008, the Export-Import bank has been self-sustaining, helping businesses grow while actually generating revenue for American taxpayers and helping pay down the debt.
“I’m proud to be here at AGCO today,” Representative Walz said. “Companies like AGCO are proving we can make things in America again. As American manufacturing is making a comeback, we should do all we can to ensure that these businesses—that provide good-paying jobs that reinvigorate local communities—have the opportunity to compete in a growing world marketplace. By reauthorizing the Export-Import bank, we’re renewing our commitment to American manufacturing, revitalizing Main Street, and working to create good paying, middle-class jobs right here at home.”
The Export-Import Bank works to help American businesses—both large and small—sell their products in the world market and create jobs right here at home. It does this not by competing with the private sector, but by providing loans or credit to businesses that the private sector is unwilling or unable to provide, turning opportunity into real sales. And, over the course of its nearly 80 year history, the Bank has been very successful with a default rate of less than 2%. In the last five years alone, the Bank has generated a $1.9 billion surplus from accrued interest for the U.S. Treasury, which helps reduce the deficit.
In the last few years, AGCO completed a 75,000-square-foot expansion of their manufacturing facility in Jackson to begin production of Massey Ferguson and Challenger high horsepower wheeled row crop tractors. With the expansion, AGCO created 200 new manufacturing jobs in Jackson.
“I applaud Representative Walz for his stance on the reauthorization of the Export-Import Bank and his commitment to southern Minnesota workers and manufacturers,” said Eric Fisher, Director of Operations at AGCO, an agriculture manufacturing plant in Jackson, Minnesota. “The Export-Import bank is incredibly important to American manufacturing. It supports AGCO’s Jackson manufacturing operation by giving us the certainty and stability we need to compete in the world market and create jobs here in Jackson. I urge Congress to put partisanship aside and reauthorize the Export-Import bank without delay.”
With other nations aggressively supporting their businesses’ exports, it is critical that the Export-Import Bank be reauthorized in order for American businesses to remain competitive in the world market.
Reauthorization of the Export-Import Bank also has broad bipartisan support from both business and labor groups including the National Association of Manufacturers, the U.S. Chamber of Commerce, the AFL-CIO, and the International Association of Machinists and Aerospace Workers.