Congress is playing political games with the Export-Import (EX-IM) Bank, a U.S. government agency that supports U.S. businesses around the world and directly creates jobs in the USA.
This summer Congress allowed the charter for the EX-IM bank to expire and it is already costing jobs in the U.S. Crazier yet, since the EX-IM bank charges U.S. businesses for its services, and creates a budget surplus, this inaction by Congress is not only costing U.S. jobs but is also adding to the U.S. government fiscal deficit.
The EX-IM bank was formed in the 1930s to help U.S. businesses finance and insure sales to foreign customers. These services are important since many U.S. businesses do not have the capability to verify the credit of customers around the globe nor the ability to obtain insurance for product being shipped to global destinations. By providing these services and charging U.S. businesses for them, the EX-IM bank not only supports U.S manufacturing and jobs but also creates an annual surplus for the U.S. government. The EX-IM Bank helps create many jobs in the U.S., reduces the U.S. trade deficit and brings significant resources to our country.
Specifically, last year the EX-IM bank facilitated over 3,700 global transactions for U.S. organizations and 90 percent of these transactions directly supported small American businesses. The EX-IM Bank helped support approximately 200,000 U.S. jobs at small businesses in the U.S. while creating a $675 million surplus for U.S. taxpayers.
Despite its track record of success over 80-plus years with clear benefits to the U.S. economy and its workers, along with historically strong bipartisan support, the EX-IM Bank charter was not renewed by Congress this summer. We have already seen reports in the news of lost business and jobs resulting from this inaction.
This inaction by Congress, if not corrected, will eventually hurt the U.S. boating industry both directly and indirectly. We need Congress to take action on this today before more U.S. jobs are lost to our overseas competitors.
Bill Yeargin is the president and CEO of Correct Craft.