Don’t let Ex-Im Bank die

The Seattle Times: Congress should rescue the Export-Import Bank from a battle between politics and pragmatism that could cost American companies billions.

At stake are billions of dollars in export sales made possible because of the Ex-Im Bank’s loans, loan guarantees and credit to countries that want to do business with U.S. companies, but can’t get private financing. For Washington state alone, the Ex-Im Bank financed $7.2 billion worth of exports, and $130 billion since 2007.

The Ex-Im Bank needs a long-term authorization to keep operating after its current, short-term extension expires June 30.

Congress typically reauthorizes the bank every seven years, but recently the Ex-Im Bank became a target of lawmakers such as Rep. Jeb Hensarling, R-Texas, who chairs the House Financial Services Committee.

Opponents erroneously claim that the Ex-Im Bank provides subsidies to foreign companies and takes business away from the private sector.

During the past two decades, the bank generated $6.9 billion net revenue for the federal government.

Two bills to reauthorize the bank are going through the House. Hensarling is likely to block them from leaving his committee. The Ex-Im Bank nonetheless has broad support from lawmakers of both parties who want to approve reauthorization.