Ex-Im Bank Provides Critical Lifeline for SMEs, Says Op-Ed
The Export-Import (Ex-Im) Bank facilitates export sales and provides employment for hundreds of small to medium sized enterprises, despite criticism that the credit agency is subservient to corporate interests, said David Ickert, vice president of finance for Olney, Texas-based Air Tractor Inc. in a June 18 Dallas Morning News op-ed. Lawmakers continue to spar over reauthorization of the credit agency as its Sept. 30 expiration looms (see 14052123).
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The bank’s expiration will inhibit sales abroad and devastate companies such as Air Tractor, a manufacturer of agriculture aircraft, said Ickert. “Last year the bank set a new record by approving more than 3,400 small business transactions, which amounted to 90 percent of the bank’s total transactions,” said Ickert. “Critics ignore the fact that all other major exporting countries have their own export credit agencies to finance export transactions, with some governments providing significantly more export credit than the United States to encourage their country’s exports.”
The Senate Banking, Housing and Urban Affairs Committee is aiming to schedule a vote on reauthorization legislation after it reaches bipartisan consensus, said a committee spokeswoman recently (see 14050933). Reauthorizing the bank’s charter faces more significant hurdles in the House, with House Financial Services Committee Chairman Jeb Hensarling, R-Texas, continuing to rail against renewal. A House Financial Services Committee didn't comment on the possibility of a reauthorization hearing reportedly scheduled for June 19. The U.S. Chamber of Commerce also pressed support for the bank's renewal in a recent slideshow posted online (here).