Export-Import Bank – Leveling the Playing Field
By Pat Rosenstiel, Executive Director of TAPP
For over 80 years, the Export-Import Bank (Ex-Im Bank) has provided American industry with the same competitive advantage assured to foreign businesses that receive export incentives from their own governments. In a global economy that does not always adhere to the free market ideals of our own, the Ex-Im Bank provides security for the jobs and opportunities that are created by exporting industries. From large equipment manufacturers to independent farmers, American businesses would be left on an uneven playing field if the services provided by the bank were revoked.
Reauthorization of the Export-Import Bank is a no-brainer, especially for the 90 percent of users that are considered small- to medium- sized exporters. Their businesses would likely be the first to feel the impact of a move to dismantle the bank – with little capacity to enter into the opportunities of foreign markets without the essential loans, capital and credit insurance the bank offers. Nearly 60 other countries around the world provide export financing, and it is safe to say American business lost in the absence of the bank would be easily filled in competitive global economic landscape.
Limiting the ability of American companies to extend their reach to the purchasing power of the world outside our boarders seems inherently foolish. Maintaining the existence of the Export-Import Bank will be a top priority for anyone that wishes to keep the jobs and economic growth that result from the valuable exports the United States provides the rest of the world.