If you have ever wondered what exactly the Export-Import Bank is or what it does, Politico has some answers for you today.
The Ex-Im Bank must be reauthorized by Congress periodically and it’s up for renewal this year. A number of conservative members of Congress don’t want to reauthorize the bank – they claim that the private sector can do exactly what Ex-Im does and there is no reason for the government to be involved.
The reality is that the Ex-Im Bank does a lot of good in the United States. It is a major supporter of small businesses in the U.S., which make up almost 90% of the Banks transactions. It’s also extremely profitable. In Fiscal Year 2013 alone, the Bank enabled over $37 billion in export sales from more than 3,800 U.S. companies; supported more than 200,000 American jobs; kept their default rate at 0.3% (well under the 2% limit Congress set for the Bank), AND sent over $1 billion to the U.S. Treasury – after covering its own expenses.
We believe in smaller and more manageable government at Main Street, and we support those Members of Congress who work towards that goal. However, we must respectfully disagree with those who want to vote against the Export-Import Bank’s reauthorization. We simply cannot support cutting off your nose in order to spite your face.