How The Latest Congressional Inaction May Hurt Small Businesses & Main Street

By Congressman Gregory W. Meeks

Export-Import Bank of the United States, money, small business, Supreme Court, politics

Source: (Photo by Alex Wong) / Getty

On June 30th, the Export-Import Bank’s charter will expire if Congress refuses to act. House Republicans are in full swing to diminish Ex-Im bank’s ability to fulfill its mission — supporting American jobs through American exports. Without reauthorization, the Bank can’t provide new loans, which will only bolster foreign companies that are competing with U.S. companies in global markets.

The 80-year old bank plays a vital role in stimulating American exports, especially from small businesses facing significant challenges raising financing and guarantees needed to compete in the global marketplace. When private sector lenders are unable or unwilling to provide financing, Ex-Im fills in the gap by helping American businesses secure the financing tools they need to be competitive with foreign clients. In doing so, the Bank levels the playing field for American goods and services, and thereby helps American companies create more good-paying jobs here in the United States.

In fiscal year 2014, the total value of exports supported by Ex-Im Bank amounted to almost $27.5 billion. These transactions supported 164,000 U.S. jobs at no cost to taxpayers, and the bank generated approximately $675 million in deficit-reducing receipts transferred to the U.S. Treasury. Of the 3,746 …read more

Source:: News One

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>