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Letter: Carry on Ex-Im Bank assistance

The Columbian
Published: July 3, 2014, 12:00am

There is a dangerous Tea Party effort to shut down the Export-Import Bank, an independent federal agency that provides critical loan guarantees that support over 200,000 U.S. jobs, mostly in manufacturing. Ex-Im Bank loan guarantees create U.S. jobs by helping foreign companies buy American-made products, like Boeing aircraft.

In 2013, the credit agency provided over $37 billion worth of export financing and returned over $1 billion to the U.S. Treasury. Foreign competitors like China, India, France and Germany all have foreign export credit agencies that dwarf the amount of financing the U.S. provides through the Ex-Im Bank. Letting the credit agency die means that American jobs will go overseas and that our trade deficit will deepen.

Some hard-line conservatives are targeting the Ex-Im Bank because they say the government should not support U.S. businesses, even if it means the loss of thousands of American jobs.

Contact your members of Congress and ask them to support a full multiyear reauthorization of Ex-Im that continues strong job-creating domestic content provisions. The Ex-Im Bank’s current authorization will expire Sept. 30.

Ron Harrell

Edmonds

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