Dent: ExIm Bank Needs a Kickstart

Many of you have probably never heard of The ExIm Bank. There are no drive-thrus and you certainly won't see any branches here. But it's the key to our ability to compete on the worldwide stage. ExIm is short for the Export Import Bank  Amazingly, the very people who want to "Make America Great Again" are trying to kill this financial institution Fortunately, Congressman Charlie Dent is trying to rescue this lender before it goes the way of the do do. He and Ohio Congressman Frank Lucas have introduced legislation that will reinvigorate this international economic development tool.

As explained in Foreign Policy, an export import bank is a policy tool used by most countries to facilitate exports. China, for example, is expanding its use of export credits. In America, the use of an export import bank helps level the playing field against foreign competition. But the Koch Brothers and other free market theorists smell heresy, and have embarked on a campaign to end this lender. Scott Garrett, who was nominated by Donald Trump to run this bank, has been one of its fiercest critics.

According to Dent, the Export-Import Bank is unable to provide financing for many investment deals. Its Board of Directors lacks a quorum to move forward with economic investment deals greater than $10 million dollars. Dent estimates that $30 billion in pending deals is in limbo.

"Our bill streamlines the Bank’s loan approval process, eliminating artificial barriers created by political gridlock and putting our country’s businesses back on a level global playing field," explains Lucas. "The bank is a critical lifeline for many manufacturers, large and small, in maintaining their competitiveness in international markets and it is past time that its doors are open” added Dent.