The U.S. has a bank that helps keep a level playing field for businesses selling goods on the global market. It’s a bank where 90 percent of the transactions last year benefitted small American businesses. Since 2008, it has supported $107 billion of U.S. exports and more than 1 million jobs across all 50 states. It also covers all of its costs through the fees it charges its foreign customers, and it has put a billion dollars back into the U.S. Treasury in each of the past two years. The bank is the U.S. Export-Import Bank, and it could close its doors if Congress does not reauthorize its activities by Sept. 30.
The bank has been around for 80 years and underwrites loans to foreign entities to buy U.S. products. Fifty-nine other countries have similar banks to support their exports. Without Ex-Im, American businesses would lose sales to foreign competitors, and American workers would lose their jobs.
America must stay engaged, and competitive, in global markets. Ex-Im helps America succeed in tough global competitions. It helps create and sustain U.S. jobs, generate economic growth, and provide the revenue needed to create innovative new American products. It also helps America build and strengthen its ties to other nations. All of these are critical elements to our nation’s future prosperity and national security. We cannot be strong if our economy is not strong. Congress needs to help keep American businesses in the game. It needs to reauthorize the Ex-Im Bank.
Learn more about how the Ex-Im bank works and why it’s vital to America’s economy: