President Obama is pushing for a set of proposals he says will boost American exports and help put U.S. companies on a more equal footing with foreign companies.
Obama will announce the plans at a Boeing airplane plant in Everett, Wash., which Obama will point to as a success story. Boeing exported more than $34 billion in manufactured goods in 2011, up over 45% since 2006, the White House said.
The stop is Obama's latest effort to promote his plans to boost American manufacturing.
“Two years ago, I set a goal of doubling U.S. exports over five years.” Obama said in a statement. “Today, we’re on track to meet that goal -- ahead of schedule. But we need to do more, which is why I’m pleased to announce several steps that will help more American businesses sell their products around the world, create jobs right here at home, and help us build an economy that lasts.”
The proposals primarily involve the Export-Import bank, the 77-year-old bank that lends financial support to exporters. They include:
-- Using the Export-Import Bank to increase financing to U.S. firms competing with foreign firms.
-- Launching a pilot program at the bank aimed at helping small-business exporters access short-term working capital lines of credit. The administration says Boeing has agreed to offer $700 million in short-term credit this year for its suppliers.
-- Sending the Consolidating and Reforming Government Act of 2012 to Congress. The legislation would allow the president to consolidate agencies. Obama says he would target overlapping agencies involved in business growth and development.
-- Calling on Congress to reauthorize the Export-Import Bank.
kathleen.hennessey@latimes.com
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