Diary

Eliminating the Ex-Im Bank a good first step toward rebuilding the economy

(This article originally appeared on the Hill.com) -With the charter of the Export-Import Bank of the United States set to expire June 30, its supporters claim its demise would result in the loss of jobs, harm to the economy, and damage to U.S. competitiveness overseas. The truth, however, is that eliminating the billions of dollars of subsidies provided by the bank would greatly benefit U.S. workers and our economy.

Export-Import Bank supporters point to businesses like San Antonio’s Ferra Coffee International to support its continuation. In testimony before Congress, its CEO said that the bank’s Small Business Multi-Buyer Credit Insurance, which guarantees payment of 95 percent of the company’s overseas accounts receivable, has allowed it to pay foreign coffee growers fairly, helping to “prevent families from being broken apart.” Read more here.