June 24, 2015

State's Exports Won't Collapse If Ex-Im Bank Goes Away

Veronique de Rugy

George Gibbs Chair in Political Economy
Summary

With its June 30 expiration date quickly approaching, there are very few working days left should Congress want to address the termination of the Export-Import Bank - a federal outfit that mainly extends loans and loan guarantees to successful, well-connected foreign companies. At the center of the debate has been House Financial Services Committee Chairman Jeb Hensarling, R-Dallas, who noted last month: "The American people do not want privilege and subsidy. What they want is freedom and opportunity." Chairman Hensarling was referring to Ex-Im's problematic, and often corrupt, history.

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With its June 30 expiration date quickly approaching, there are very few working days left should Congress want to address the termination of the Export-Import Bank - a federal outfit that mainly extends loans and loan guarantees to successful, well-connected foreign companies. At the center of the debate has been House Financial Services Committee Chairman Jeb Hensarling, R-Dallas, who noted last month: "The American people do not want privilege and subsidy. What they want is freedom and opportunity." Chairman Hensarling was referring to Ex-Im's problematic, and often corrupt, history.

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