On Wednesday, June 25, watch ALPA President, Captain Lee Moak, testify at the House Committee on Financial Services hearing, where he and others will discuss the authorization of the Export Import Bank (Ex-Im Bank). With the Bank’s current authorization expiring on September 30, now is the time for this committee to ensure the Bank operates with maximum transparency, uses proper economic modeling, and analyzes the potential of its widebody aircraft financing to harm U.S. industry and threaten U.S. jobs.
With nearly 45 percent of the Bank’s portfolio tied to one company, widebody aircraft financing reform tops the list of items to address. In 2013, the Ex-Im Bank approved $7.9 billion in financing for U.S.-made airliners, operated by U.S. airlines’ competitors—including Etihad Airways and Norwegian Air Shuttle, creating an economic advantage of more than $3 million per airplane per year. Given the record aircraft orders at the Dubai airshow in 2013, it is imperative that ALPA is successful in changing the way the Bank does business with state subsidized competitors. Read more about the reforms to the Bank that help level the playing field for pilots. Airline jobs are at stake.