Congress recently decided to let the U.S. Export-Import Bank’s (Ex-Im) charter expire, effectively shuttering an agency that has for the better part of the past century helped American companies sell their goods and services to customers overseas. Here, with the help of Emojis, is why lawmakers should rethink that decision and renew Ex-Im.
Since 1934, Ex-Im has provided trade financing and insurance to support U.S. exporters, helping thousands of companies break into new markets around the world.
Over the past 81 years, the bank has helped thousands of U.S. companies large and small
– from fruit producers to aircraft manufacturers to ice cream makers – export products to customers overseas.
In turn, those companies have generated more revenue...
… expanded more quickly…
... and created more jobs for American workers.
In fact, Ex-Im supports more than 150,000 U.S. jobs.
In the process, the agency has generated billions in revenue
for the U.S. Treasury.
In other words, Ex-Im has made U.S. businesses and the U.S. economy stronger.
However, Congress allowed Ex-Im’s charter to expire on June 30th
That means the bank must turn away all new requests for loans and export insurance.
Consequently, U.S. firms are now at a distinct disadvantage
against their competitors in countries like China, India and Canada, as every other major trading nation has an export credit agency.
In some cases, firms aren’t even allowed to bid for contracts overseas if they don’t have the backing of their country’s export credit agency.
So without Ex-Im, many U.S. exporters will see their revenue from international sales flying into the hands of their foreign competitors...
... which will translate into job losses back home – lots of job losses
It doesn’t take one of these to predict what that would do to the U.S. economy.
Meanwhile, the federal government will lose the revenue that Ex-Im has been generating year after year, which will only add to our nation’s fiscal problems.
Bottom line, losing Ex-Im is a lose-lose-lose; it hurts the federal government, it hurts U.S. businesses and it hurts American workers.
Tell Congress to renew Ex-Im