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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