Third Way’s Ed Gerwin has a new memo out this morning that explains why shutting down or sharply curtailing the operations of the Export-Import Bank of the United States is a terrible idea. Some free market purists are putting common sense aside and are targeting the Bank, even though it:
- Is a self-sustaining organization that returns $800 million annually to American taxpayers;
- Creates or sustains some 390,000 American jobs at over 3600 companies; and
- Supports over $40 billion in American exports annually that are helping to grow our economy.
The memo answers key questions about the Bank and its export financing programs, and explains why a long-term re-authorization of the Bank is vital to help American exporters and their workers compete against foreign competitors who are aggressively backed by their governments.