You may never have heard of the Export-Import Bank of the United States, but some would-be populists in Congress are trying to kill it. They will do it, supposedly, in your name, to protect your tax dollars and public credit and keep the greedy international corporations at bay. But they won’t really. They will kill jobs, hurt business large and small, erode American competitiveness, reduce vital U.S. exports, and then pose as slayers of crony capitalists.
They will be wrong. The Export-Import Bank is not capitalism in a pure state, but it facilitates U.S. exports and secures the benefits of overseas trade for the U.S. economy. The 75-year-old Export-Import Bank makes and guarantees loans for U.S. goods purchased by foreign companies that could not otherwise obtain credit. The largest user of the bank is Boeing, which exported $43 billion in goods last year alone. Washington is the greatest trading state, and the largest beneficiary of Export-Import Bank services, affecting hundreds of exporters, from the very small to the very large. It supported tens of thousands of jobs, and returned more than $1 billion to the Treasury in the process.