EX-IM Bank
The Export-Import Bank was started by President Franklin D. Roosevelt in 1934 as a New Deal program to boost exports. Despite the name, Ex-Im doesn’t offer import assistance. It provides loan guarantees, loans and insurance to help foreign companies — sometimes those with less-than-perfect credit — buy U.S. goods when private banks can’t or won’t make loans.

Facts About the Export-Import Bank

from NCPA,

The Export-Import Bank (or, the Ex-Im Bank) distributes taxpayer funds to foreign companies in order to finance the purchase of American products. According to the Heritage Foundation, large multinational corporations are the primary beneficiary of Ex-Im funds: - More than 80 percent of Ex-Im financing goes to large firms. In 2013 alone, the Boeing Company benefited from more than 66 percent of Ex-Im loan guarantees. - Just 0.009 percent of small businesses receive export financing support from the Ex-Im bank. - Ninety-eight percent of American exporters receive no assistance from the bank. Much of the argument in favor of the Ex-Im Bank centers on the notion that the agency creates jobs. But in fact, the subsidies hurt American jobs because they put American firms at a competitive disadvantage: - For example, Ex-Im has financed coal mining in Colombia and copper excavation in Mexico. This financing has caused American companies to lose jobs. - According to Ex-Im's Inspector General, the agency's analyses of its program have omitted important data and failed to consider the impact of subsidies on domestic employment. The Heritage Foundation explains that when Ex-Im funds are distributed, taxpayers are put at risk, because all Ex-Im financing is backed by the federal government. In 2014, taxpayers will be liable for $140 billion in Ex-Im funds.

More From NCPA:

365 Days Page
Comment ( 0 )