Global Economy

60 export credit agencies operate worldwide.

ProgressiveEconomy’s latest paper argues for renewal of the Ex-Im Bank’s charter on four grounds:

(a) A useful support for export-based growth in the immediate future, with the U.S. economy continuing to need to tap foreign demand in the long recovery from the 2008-2009 financial crisis;

(b) An important means to support large-scale sales of power equipment, urban infrastructure, aviation, and other long-term contracts for developing countries where private credit is less easily available, and also a way to help introduce new exporters and smaller businesses to exporting;

(c) A valuable lender-of-last-resort tool to be kept in reserve in the event of future financial crisis and sudden collapses of private credit; and

(d) A matter of legitimate national self-interest, ensuring that in a world of $300 billion or more in annual public credit, the agencies run by other governments do not place U.S.-based businesses and their workers at impossible disadvantages.

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Agreements & Legislation

Reauthorize the Export-Import Bank

Congress this fall will consider ‘reauthorization’ of the Export-Import Bank of the United States, in an environment in which the 80-year-old Bank has received closer scrutiny than ever before. The Bank’s critics are mistaken. Its mission remains valid and its operations remain important. On four grounds of good public policy and for legitimate national self-interest, Congress should approve the reauthorization and renew the Bank’s charter.

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