Time is right to close Export Import Bank
The Export Import Bank is a taxpayer-backed lending institution chartered to support foreign purchases of domestic products, and it is set to expire at the end of the month. Since January, I have carefully considered its costs and benefits to the American taxpayer and evaluated if the 80-year-old bank warrants reauthorization.
As reported by Doug Clark, I regard it as my duty to the constituents of the 6th District to consider all sides of this issue â€”or any issue â€” especially when local businesses and jobs may be affected. While I philosophically oppose the federal government and taxpayers backing loans that could otherwise be made in the private market, supporters of Ex-Im claim that there would be significant economic impact if it does not continue.
For the last few months, Iâ€™ve examined the issue of reauthorization Ââ€” in multiple hearings in the Committee on Oversight and Government Reform and with numerous groups from both sides of the argument. I am now satisfied that there is a private market ready and eager to replace the federal governmentâ€™s role and guarantee these loans.
It is time to return to free-market principles and let the Export Import Bank expire.
The writer is North Carolinaâ€™s 6th District congressman