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Our Economy Doesn’t Need the Export-Import*Bank

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Unread 05.11.19, 03:32 AM
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Our Economy Doesn’t Need the Export-Import*Bank

05.10.19 08:18 AM

Proponents of the Export-Import*Bank*claim that the*bank’s issuance of loans and guarantees*to*large companies is*essential to international competitiveness*and a thriving American economy. According to a*new study*from the*Mercatus*Center, that claim isn’t true. The*bank*has shrunk — for the better While the Senate confirmed new directors — which are necessary to approve massive loans — to the*Ex-Im*Board this month, the*bank*has been run smoothly without a full board since 2015. For several years, it operated with significantly curtailed powers. Americans got along just fine without it. That’s because it isn’t essential to economic growth. The usual recipients of the*Ex-Im*Bank’s loans —*65% of their financing*went to just 10 companies in 2014 — haven’t suffered from the*bank’s shrunken stature. Those companies, such as Boeing and General Electric, have found private financing options. In the meantime, the*bank’s risk exposure was cut nearly in half*between*2013*and*2018, from $116 billion to $66 billion. This was beneficial for taxpayers. There’s no reason they should be on the hook for funding America’s most successful companies. The*Ex-Im*Bank*gave billions*to*foreign companies The*bank*has also significantly reduced its financing for*foreign companies, many of whom are already subsidized by their governments. Some countries, such as China, Mexico and Russia, received billions of dollars in financing from 2007 to 2014. For […]

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