WASHINGTON—With the Export-Import Bank’s charter set to expire at the end of June, Stephen Ezell, Director of Global Innovation Policy at the Information Technology and Innovation Foundation (ITIF), released the following statement:
We are discouraged that Congress is allowing the Export-Import Bank’s charter to lapse at the end of the month. Every day, we get farther and farther behind our chief economic rivals when it comes to export credit assistance. In 2014, for example, China invested eight times as much in export credit assistance, as a share of GDP, than did the United States. And this export credit competition is only accelerating faster, further distorting the playing field on which U.S. exporters must compete and damaging our economic competitiveness.
The Bank plays a critical role in facilitating the ability of U.S. companies to export products, enabling the United States to maintain global market share in high-tech, high-wage industries. When the Bank’s charter expires on Tuesday, this necessary part of the system—already diminished due to uncertainty over its expiration—will be gone.
We urge Congress to act expediently after recess to reauthorize the Export-Import Bank and get U.S. businesses back on a predictable and level global playing field.