Ensure U.S. EXIM bank can help exporters compete
As our country’s official export credit agency, the Export-Import (EXIM) Bank of the United States supports American jobs by helping to finance the export of U.S. goods and services to international markets. By matching the financing that other countries’ governments provide, the EXIM Bank levels the playing field for U.S. companies, enabling them to turn export opportunities into sales that help maintain and create U.S. jobs and contribute to a strong national economy. The EXIM Bank is a self-sustaining agency that operates at no net cost to U.S. taxpayers, supported by fees and interest payments for the loans, credit insurance and loan guarantees it offers. Furthermore, the bank does not compete with private sector lenders but provides export financing products that fill gaps in trade financing.
The EXIM Bank was reauthorized by Congress in December 2015, but cannot fully function until Congress appoints new board members. Dozens of Washington employers, many of them small businesses, depend on EXIM Bank financing to support their exports, so appointment of new board members is critical.
In the last five years, nearly 70% of the 202 Washington companies supported by the bank were small businesses. From 2014 to 2015, EXIM financing supported $28 billion in Washington exports. By the U.S. International Trade Administration’s calculation, this means that approximately 161,000 Washington jobs were directly supported by EXIM Bank. Any reduction or interruption in EXIM support for Washington exports could put those jobs at risk.
Join WCIT in working to successfully address these concerns, and ensuring that the EXIM Bank continues to operate effectively. To learn how you can get involved, contact Eric Schinfeld at email@example.com or 206.389.7273.