Statement by National Security Advisor Jake Sullivan and National Economic Council Director Brian Deese on EXIM Bank’s Domestic Finance Initiative
As the world reels from the impact of geopolitical events, like Putin’s war of choice, and other supply chain shocks, it is clear that investing in domestic manufacturing is critical for our economic and national security. Today, the EXIM Bank Board of Directors voted unanimously to approve the Make More In America Initiative. This program will expand the export prowess of American manufacturing and support new jobs for Americans all across the country.
The Make More in America Initiative will help expand production capacity in the United States by providing vital access to capital—one of the barriers American manufacturers face when trying to expand their operations, especially the small and medium-sized businesses that are the core of America’s domestic industrial base. As American manufacturers compete with unfair practices overseas, this program is one step toward a more even playing field. This initiative will support the Biden-Harris Administration’s efforts to expand America’s global competitiveness in the industries of the future—from clean energy and clean technology to semiconductor production.
Establishment of this initiative was a key recommendation from the President’s Executive Order 14017 to build more resilient, secure, and sustainable supply chains. We applaud the EXIM Bank’s Board in moving forward to bring this initiative to life.