Ryan: Export-Import Bank Must be Reauthorized
By Tim Ryan
WASHINGTON — As the clock ticks towards the expiration of the Export-Import Bank, our nation inches closer and closer to losing valuable jobs.
From the rail links of Africa to power plants in Eastern Europe, many industrial contracts will be in jeopardy in the event that the charter of the U.S. Export-Import Bank expires at the end of the month. This would lead to even more exported jobs, which we know is not the right direction to take our nation’s economy.
The reauthorization of the Export-Import Bank in Congress has strong bipartisan support, which is why the Republican leadership should schedule a vote before the charter expires on June 30. It is critical to reauthorize the agency in order to help our country remain a leader on the world stage and compete in the global marketplace.
I find it disheartening that Speaker Boehner has yet to intervene and schedule a vote, considering the fact that the Export-Import Bank supports hundreds of thousands of jobs in every Congressional district across the country.
I have heard from Republican members of Congress who cannot understand why their fellow Republicans are standing in the way of this important agency. The Export-Import Bank operates at no cost to taxpayers, has generated a profit of close to seven billion dollars over the past two decades, and supports 15,300 jobs and an export value of $3 billion for the State of Ohio.
I fully support legislation to reform and re-energize the Export-Import Bank, which would extend the charter through 2022. Reauthorizing the Bank would extend additional opportunities to small and medium-sized businesses and increase transparency throughout the Bank.
The stakes are high, as thousands of Americans and businesses rely on the Export-Import Bank’s support. It’s up to Speaker Boehner to exercise some leadership and schedule a vote.
Editor’s note: U.S. Rep. Tim Ryan, D-13 Ohio, submitted this commentary to The Business Journal.
Copyright 2018 The Business Journal, Youngstown, Ohio.
Published by The Business Journal, Youngstown, Ohio.
CLICK HERE to subscribe to our print edition and sign up to our free daily headlines.