The News Tribune calls on Congress to reauthorize the Export-Important Bank. The editorial does a good job of quickly reviewing the bank’s history and Congressional politics. This paragraph effectively summarizes what’s at risk.
If the Ex-Im isn’t reauthorized by June, foreign companies will still get money to buy products. They’ll just buy them from other countries through those countries’ export-import banks. China’s bank is four times the size of the U.S. bank. Already the acrimony over reauthorization has foreign competitors trying to lure potential buyers by telling them that they shouldn’t rely on the Ex-Im being around.
Here’s what we had to say about the issue earlier this month.