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Posts Tagged ‘imports’

Reauthorizing the Ex-Im Bank

April 5th, 2012

by and

This piece was originally posted in The Hill.

Good ideas–ideas that work–should transcend ideological and partisan differences.

For almost 80 years, the Export-Import Bank of the United States has been one such good idea, enjoying broad bipartisan support while effectively promoting job-creating American exports. But the Ex-Im Bank’s work will grind to a halt within weeks without a new authorization. And, without a long-term reauthorization, the Bank’s mission would be seriously undermined, creating great uncertainty for U.S. exporters and their workers.

Rep. Rick Larsen, (D-Wash.), (one of the authors) and Rep. Don Manzullo, (R-Ill.), have introduced the Export-Import Bank Reauthorization Act of 2012 which would extend the Bank’s authority through 2015 and raise the borrowing authority to $140 billion.

Why should we care? First, the Ex-Im Bank is a self-supporting entity that actually turns an $800 million annual profit for the government. Second, and more important, the Bank supports U.S. exports, and exports have played an increasingly important role in driving stronger American economic growth and much-needed jobs.

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