Tonight at midnight, America’s Export-Import Bank will shut its doors because, after 81 years, Congress has failed to reauthorize it for the first time in history.
So what is the Export-Import Bank?
It’s an independent federal agency with one simple mission: support American jobs by helping businesses sell their products abroad. The majority of these companies are small businesses – the engine of our economy – and helping them go global plays a critical role in strengthening our country’s economy.
That’s why nearly 60 countries, including China, make significant investments in their own Export-Import Banks. These competitors are fighting for sales and the export-backed jobs that come along with it – and starting tomorrow when our bank has expired, American businesses will be less competitive to keep those jobs at home. When our Export-Import Bank lapses, China and our other rivals will pick up the slack, putting American businesses and American workers at a disadvantage. In fact, a senior official from one of China’s versions of the Export-Import Bank recently said that the expiration of our bank is a “good thing” for China.
Take a look to see just how far behind China we are when it comes to support for our Export-Import Bank:
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