Pallone Tours AFP Transformers, Highlights Importance of the Export-Import Bank
Ex-Im Companies Support 2,712 Jobs in NJ’s 6th District, 28,834 Throughout NJ
EDISON, NJ – Today, Congressman Frank Pallone, Jr. (NJ-6) visited AFP Transformers, a standard and custom manufacturer of transformers in Edison, NJ and one of 25 businesses in New Jersey’s 6th District supported by the U.S. Export-Import (Ex-Im) Bank, the United States’ official export credit agency. For 80 years, the Ex-Im Bank has helped U.S. businesses increase their exports and grow American jobs by providing loan guarantees and other financial tools so foreign customers can purchase U.S. goods.
Congressman Pallone was given a tour of the facility by AFP Transformers President, Greg Vongas, met with employees and management officials, and learned about the company’s operations.
“The American manufacturing sector is a bright spot in our economic recovery,” said Congressman Pallone. “Businesses like AFP Transformers are doing great work right here in New Jersey’s 6th District, and we must ensure that we are opening new doors for them so that they can continue to innovate and create jobs here at home.”
Congressman Pallone also highlighted the importance of reauthorizing the Export-Import Bank so that businesses like AFP Transformers can continue exporting and competing overseas, while also supporting jobs here at home. The Ex-lm Bank helps level the global playing field and ensures businesses of all sizes can compete in emerging markets around the world by stepping in when commercial banks cannot or will not act.
Funding for the Ex-Im Bank is set to expire this summer if Congress does not act. In September 2014, the Bank's charter was extended, but only through June 30, 2015. The Ex-lm Bank has received bipartisan support and been reauthorized routinely throughout its 80-year history. In the absence of Ex-lm financing, overseas buyers will instead purchase from competitors in countries like China, France, Germany, and Brazil where official export credit agencies offer competitive insurance and financing options.
“We need Democrats and Republicans to come together and support a long-term reauthorization of the Export-Import Bank so that we can give businesses the certainty they need, strengthen American manufacturing, boost exports, and create jobs here at home,” added Pallone.
Congressman Pallone is a co-sponsor of legislation to reauthorize the Ex-Im Bank (HR 1031--Promoting U.S. Jobs through Exports Act of 2015). This bill would provide predictable support for U.S. exporters and workers by fully reauthorizing the Ex-Im Bank through 2022, raising its exposure cap, and maintaining the Ex-Im Bank’s historically strong domestic content requirements.
AFP Transformers was formed in 1992 as a conglomerate of Field Transformer, ISOREG, and International Transformer Corp. (ITC). With over 65 years of combined engineering experience, a national focus with strategic partnerships resulting in global reach, and a client list that includes some of the top names in the power industry, AFP is uniquely positioned as the single source for power distribution and management products.