The Export-Import, or Ex-Im, Bank’s mission is “to assist in financing the export of U.S. goods and services to international markets,” enabling “large and small companies to turn export opportunities into real sales that help to maintain and create U.S. jobs.” For over 70 years, the Ex-Im Bank has successfully fulfilled its mission and in doing so has enabled the U.S. to increase exports in an exceedingly competitive global marketplace.
But the bank’s mission is under attack. While some falsely claim that the Ex-Im Bank is “corporate welfare,” nothing could be further from the truth; fully 87 percent of Ex-Im Bank transactions are for small businesses. Supporters of the Ex-Im Bank have introduced H.R. 4302 which will extend the Bank’s charter until 2015, increase the Bank’s lending ability to $140 billion from the current $100 billion level, and improve transparency with additional Congressional oversight.
Our global competitors in Europe, China, Brazil, and Canada all provide export credit financing and other support for the sale of commercial aircraft. They know that such exports are critical to a strong economy and have repeatedly demonstrated a resolve to provide all necessary means of support to enhance export growth.
“America cannot afford to unilaterally disarm in the face of such global competition,” said IAM President Tom Buffenbarger in a letter to Congress in support of H.R. 4302. “To do so would be an economic disaster for the U.S.”
Click here to urge your Representative in Congress to support H.R. 4302 to increase lending authority and reauthorization of the Ex-Im Bank.