The U.S. Export-Import Bank (Ex-Im) is a vital federal agency that levels the global playing field by providing financing tools for buyers of American-made products when commercial financing is not available. Due to the dysfunction in Congress, the Bank hasn’t been fully functional since 2015. Here are the top six reasons why Congress needs to get its act together and fix the Ex-Im Bank:
1. The Ex-Im Bank drives job and economic growth in America.
About 95 percent of the world’s customers live outside the U.S., so it’s incredibly important that American businesses be able to tap into sales around the world — sales that could support hundreds of thousands of American jobs. By making goods in America and exporting them overseas, American businesses can drive job and economic growth here at home.
2. The Ex-Im Bank helps American workers and their families.
Over the past eight years, the Ex-Im Bank has helped support more than 1.4 million private-sector jobs here in America. These are real, good-paying jobs that support families across the country.
3. The Ex-Im Bank ensures American companies can compete in the global market.
Many international buyers that purchase large items (like trains, planes and satellites) require export financing for American companies to even compete for work. Without a fully functioning Ex-Im Bank, U.S. workers aren’t even being given a chance to win new business. That’s a huge disadvantage.
4. The Ex-Im Bank helps American small businesses grow.
About 90 percent of Ex-Im transactions go toward small business exports. The Ex-Im Bank is invaluable to small businesses that want to expand sales to overseas customers and create new jobs here at home.
5. The Ex-Im Bank levels the playing field.
Right now, there are 96 foreign export agencies around the world offering competitive financing tools for their own countries’ exports. In 2016, China alone provided more export credit support than the rest of the world combined. Ex-Im helps level the global playing field and give American companies a real shot at fair competition in the global marketplace.
6. The Ex-Im Bank makes money for the taxpayer.
The Ex-Im Bank is a self-sustaining agency — meaning it does not need money from American taxpayers. Instead, the Bank has actually contributed about $3.8 billion in profits to taxpayers since 2009. The money the Bank makes comes from interest charged to international buyers using its services, not the American taxpayer.