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Time is right to close Export Import Bank

June 4, 2015
In The News

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 —or any issue — 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, I’ve examined the issue of reauthorization ­— 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 government’s role and guarantee these loans.

It is time to return to free-market principles and let the Export Import Bank expire.

Mark Walker

Washington

The writer is North Carolina’s 6th District congressman