Evaluating the Export-Import Bank in the Global Economy

Congress founded the Export-Import Bank to facilitate American trade overseas and help guarantee financing for U.S. businesses. The charter has been renewed every year since 1934. That streak of 80 years ended this year. The bank expired on July the 1st. The concept of an export credit agency is not unique to the United States. The U.S. Ex-Im Bank is one of at least 85 export credit agencies throughout the world. Some countries have more than one. Supporters of reauthorizing Ex-Im Bank argue that eliminating the bank is tantamount to unilateral disarmament, putting U.S. companies at a competitive disadvantages with their competitors worldwide. If the United States' economy wants to grow, it has to export. Ninety-five percent of a business' potential customers are not in the United States. They are in other countries. The more foreign customers we can sell American-made goods to, the more jobs we create right here in the United States.