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Hagan announces North Carolinian will serve as U.S. textile industry representative
Story Date: 11/21/2012
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Source: PRESS RELEASE, 11/21/12
U.S. Senator Kay Hagan today announced that North Carolinian John Bakane, CEO ofSanford-based Frontier Spinning Mills, has been named the U.S. textile industry representative on the Export-Import Bank Advisory Committee. Hagan successfully fought for the creation of the seat to provide a greater voice for the textile industry.
“I’m pleased that John has been selected to provide a voice for the textile industry, which supports thousands of jobs and hundreds of businesses in North Carolina,” Hagan said. “I fought to create this seat to ensure that the ‘Made in North Carolina’ and ‘Made in America’ labels will be shipped around the globe. I’m confident that our state’s economy will benefit from John’s expertise and his efforts to increase exports from North Carolina textile manufacturers.”
"I'm excited to provide a voice for the textile industry in North Carolina and around the country," said Bakane. "I'm grateful for Senator Hagan's effort to add this seat to the Ex-Im Bank's Advisory Board, and I believe it will greatly benefit North Carolina's economy. I look forward to advocating for our industry to help the businesses in our state grow and hire new workers."
Bakane’s role on the Bank’s Advisory Committee will be to provide recommendations on export financing products to the Ex-Im Board of Directors and the Bank President, Fred Hochberg. Bakane has worked for three decades in the textile industry, serving as Chief Financial Officer and Chief Executive Officer ofCone Mills Corporation and Cone Denim before becoming the CEO of Frontier Spinning Mills.
Ex-Im Bank is an independent federal agency that helps create and maintain U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. For more information about the Ex-Im Bank, please visit: www.exim.gov.
BACKGROUND
In May, the Senate reauthorized the Ex-Im Bank and increased its lending cap from $100 million to $140 million to facilitate export financing through 2015. Hagan’s provision ensured that the textile industry has a representative on the Ex-Im Bank Advisory Committee and was praised by the National Council of Textile Organizations.
More than 1,500 textile facilities employ more than 130,000 North Carolinians, and North Carolina textiles and fabrics accounted for more than $2 billion in exports in 2011.
Last year alone in North Carolina, the Export-Import Bank supported more than 3,300 jobs and $456 million in exports. Since 2007, the Bank has supported more than $1.8 billion in export sales by 169 North Carolina companies, the majority of which were small businesses.
TIMELINE OF EX-IM BANK IN 2012:
· FEBRUARY 24th: Senator Hagan urges reauthorization as she hosts Ex-Im Bank Chairman in Greensboro for Export Forum with North Carolina small businesses.
· MARCH 20th: Senate blocks effort to proceed to vote on Ex-Im Bank reauthorization; Hagan votes in favor of proceeding to Ex-Im Bank legislation.
· MAY 4th: House leaders agree to bipartisan deal to reauthorize the Export-Import Bank for $140 million through 2015.
· MAY 9th: The House overwhelmingly passes reauthorization on a bipartisan basis, 330-93.
· MAY 15th: Senator Hagan helps pass reauthorization in the Senate, 78-20.
· MAY 30th: The President signs reauthorization into law ahead of the Ex-Im Bank’s May 31st expiration.
· NOVEMBER 21st: Hagan announces that the CEO of Frontier Spinning Mills, John Bakane, has been appointed to serve as the U.S. textile industry representative on the Export-Import BankAdvisory Committee.
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