NFTC President Says Ex-Im Expiration will Devastate US Competitiveness
The recent financial crisis increases the need to reauthorize the Export-Import (Ex-Im) Bank in a timely fashion because traditional institutions no longer deal in export finance, said National Foreign Trade Council President Bill Reinsch in a July 8 post for…
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the Wilson Center's America’s Trade Policy blog. “When this happens, government is doing exactly what it is supposed to do -- filling the gap when there is a market failure,” said Reinsch. “Widespread use of similar institutions by our competitors, both developed countries and increasingly the emerging economies like China, has turned virtue into necessity. We are in a cut-throat competitive economy.” The bank’s charter runs out on Sept. 30, and lawmakers are hotly debating reauthorization (see 14070212). Expiration will pave the way for foreign competitors to secure projects that U.S. companies could access through Ex-Im lending.