The U.S. Export-Import (Ex-Im) Bank delivered $675 million at the end of 2014 to the U.S. Treasury to help reduce the national deficit, according to a recently released study by a coalition of business interests.
In fact, the Ex-Im Coalition announced the bank has returned more than $7 billion to the nation’s coffers since 1992, showing it not only pays for itself, but also makes money.
The Ex-Im Coalition is composed of the U.S. Chamber of Commerce, the National Association of Manufacturers and various small business interests as well as local and state chambers and manufacturing concerns. It brought the value of the bank to the public’s attention as Congress begins again to consider extending the agency’s charter.
The MTD has been a longstanding supporter of the Ex-Im Bank. Along with its affiliates, the MTD and Port Maritime Councils worked with members of Congress and their staffs last year in support of extension when the bank’s charter was due to expire at the end of September. The legislators approved an additional nine months, which comes due at the end of June.
The Export-Import Bank was created in 1934 to provide loans to foreign borrowers to purchase American-made goods. Cargo generated by the bank’s loans must be carried aboard U.S.-flag, U.S.-crewed vessels. This provides jobs for American mariners, which is good for the economy and for national security.
During last year’s debate, Sen. Mark Warner (D-VA) spoke before members of the Hampton Roads Port Council declaring the Ex-Im Bank supported 1.2 million jobs during the last five years and did not cost taxpayers a dime.
MTD President Michael Sacco noted it is a very rare issue that brings labor and business together the way the Export-Import Bank does.