- Help create and support high paying U.S. union jobs, and
- Generate significant income for the government, thus reducing the deficit?
That is what the Export/Import Bank has been doing for the last 80 years.
However, some Congressmen—headed by some Republicans—don’t want to renew its charter. They would dissolve the bank.
They consider it “corporate welfare.”
As background, the Ex-Im Bank does two critical things to expedite trade.
- It offers loans and loan guarantees to foreign purchasers of U.S. manufactured goods. These borrowers must meet strict lending qualifications when private-sector lenders can’t or won’t provide financing. The bank’s default rate is under two percent, better than many commercial lenders.
- It provides credit insurance for U.S. exporters to reduce commercial and political risks. U.S. exporters pay a fee for the bank to insure them if something happens to a foreign buyer like a conflict, war or bankruptcy.
Ex-Im, by law, cannot compete with commercial lenders. Its mission is to fill gaps in commercial financing.
What would you do? Here are the facts, according to the Ex/Im Coalition (exportersforexim.org.), comprised of 650 small and mid-sized firms in 41 states:
- Ex-Im supported 1.3 million U.S. jobs in the last six years.
- 90 percent of Ex-Im transactions last year benefited small business, plus thousands more small businesses benefited from their partnerships with large exporters.
- Ex-Im generated $2.7 billion in tax revenues and fees in the last six years to help shrink the deficit.
- In 2013 alone, Ex-Im supported $37 billion of U.S. sales to customers in other countries.
Ninety-five percent of the world’s customers live outside the U.S. Nearly one-third of U.S. economic growth is driven by exports. Ex-Im is a key reason U.S. exports are growing, the coalition says.
The bank’s charter expires June 30th, unless Congress acts to renew it.
- The Export/Import Bank provides a critical function to support U.S. companies overseas.
- It supports high paying union jobs in the U.S.
- Plus, it makes a profit, providing billions to the U.S. Treasury.
Write your Members of Congress today and urge them to support this vital program. It makes no sense to make America less competitive in this global economy.
Let’s Keep America a Great Country!!!