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October 23, 2015Loren B. Thompson, Ph.D

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Ten Valuable Things America Will Lose If The Export-Import Bank Dies (From Forbes)

October 23, 2015Loren B. Thompson, Ph.D

On October 23, I testified before the House Foreign Affairs Committee’s subcommittee on terrorism, non-proliferation and trade about the consequences of not reauthorizing the Export-Import Bank, America’s sole export-credit agency.  I told the members that there was nothing to be gained by closing the bank, but much to be lost.  Every other major trading nation has a government agency that reduces the risk of foreign trade by facilitating financing; shutting down the U.S. agency would impair the ability of U.S. exporters to compete on a level playing field.  As a result, the U.S. would lose tens of thousands of jobs, yield global market share in key industries, and see a further erosion in its already faltering manufacturing sector.  It also would lose its main mechanism for deterring countries like China from engaging in predatory financing practices.  I have written a commentary for Forbes based on my testimony that can be read here.

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