GOP’s Plan to Kill Ex-Im Bank Will Bring Job Losses to a State Near You
…they are right here:
But if Speaker Boehner's Financial Services Chairman, Jeb Hensarling, continues to brag about his mission to kill the job-creating Export-Import Bank and American jobs, they won't be there for long. From The Texas Tribune:
About two years ago, U.S. Rep. Jeb Hensarling…set his sights on a…federal agency…
The Export-Import Bank of the United States should die, Hensarling says. And since becoming chairman of the House Financial Services Committee in 2013, Hensarling has been in a position to try to make that happen. The bank's charter expires June 30, and unless Congress reauthorizes it, the institution created by former President Franklin Roosevelt 81 years ago will be on track for a phase-out.
And then there is U.S. Rep. Bill Flores of Bryan. Flores leads the Republican Study Committee, a powerful voting bloc within the House GOP conference.
In late April, the Club for Growth, a limited government political organization, lobbied Flores on television and in social media to oppose the bank…
A month after the club's push, Flores announced his opposition to the bank. Soon after, while in Austin in late May, he said, "Ex-Im must die in its current form."
…Hensarling promises to continue voicing his opposition…
Meanwhile, Americans from different parts of the country are highlighting the economic impact of the Ex-Im Bank and calling for its renewal:
For a medium-sized company such as Polyguard Products, international trade isn't easy.
Thankfully, there is the Export-Import Bank, which serves as the official export credit agency of the United States.
But…A small group of influential Washington, D.C. special interests have joined forces with a few conservative members of Congress to kill the Ex-Im Bank. Those trying to rid the US of this services are prepared to hurt the nearly 9,000 American exporters – 1,500 of them based right here in Texas – that have relied on Ex-Im.
It is time reauthorize the Ex-Im Bank.
Time is running out for Congress to reauthorize the charter of the Export-Import Bank, threatening to throw American exporters into disarray. The bank, which provides loans, guarantees and insurance to support American exports, will have to shut down if Congress does not approve reauthorization.
It impacts our business acutely. GE is our largest corporate customer; it's 16 percent of our business and we have many, many jobs tied to that business. It's not uncommon for other countries to have similar type financing arrangements (as the Ex-Im Bank), so (eliminating the bank) would put the U.S. at a disadvantage when it comes to the important financing piece of little countries in Africa who want to buy 20 locomotives from GE, for example.
As a small business owner, Ethel would have to rely on cash-advance payments for any overseas sales, putting her at a competitive disadvantage. So she turned to the Export-Import Bank, a federal agency that provides support to businesses looking to break into foreign markets. Today, thanks to Ex-Im's support, National Drug Source exports to more than 22 countries.
There are many other firms across North Carolina that are expanding because of Ex-Im. That's why Congress must reauthorize it.
…If lawmakers don't reauthorize Ex-Im, it will be forced to close. That would spell big trouble for North Carolina's economy. This state was hit hard by the recession but has managed to recover, in large part because of its growing export business.
The Export-Import Bank has been a boon to N.C. businesses. Lawmakers must approve legislation to reauthorize it immediately. If they don't, our economy will suffer.