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Recently, there has been a lot in the news regarding the reauthorization of the Export-Import Bank (Ex-Im Bank) of the United States. A group of Congressional members and their special interest allies have mounted an effort to shut down the Ex-Im Bank for purely political reasons. However, through the support of South Carolina Senators Lindsey Graham and Tim Scott, a procedural vote was held last week indicating overwhelming bipartisan support for a long-term reauthorization of the Ex-Im Bank. Though symbolic, this vote has laid the groundwork for future votes.
The Charleston Metro Chamber is a strong supporter of Ex-Im Bank for two main reasons:
- This issue is of critical importance to Boeing South Carolina and Boeing’s ability to successfully compete with global aircraft manufacturers. In North Charleston, eight of every 10 of the 787s being assembled are eligible for Ex-Im financing. If Ex-Im is shut down, Boeing will lose its competitive edge – a fact that could impact the more than 7,500 jobs here.
- The Chamber’s World Trade Center Charleston (WTCC) is directly tied to Ex-Im. As an Ex-Im partner, WTCC can provide additional resources in trade finance expertise to businesses interested in exporting their products and services.
At least 59 other countries have similar export credit agencies. If Congress eliminates Ex-Im, they will only be hurting American businesses by taking away an option that helps them compete globally. If Ex-Im is a tool that helps American companies and does not cost the American taxpayer any money, why isn’t Congress acting now to reauthorize? Congress has less than 15 days to act. I urge you to contact your representative and ask them to reauthorize the Ex-Im Bank. It’s important to our global competitiveness, and it’s important to our jobs.
U.S. House of Representatives:
Congressman Jim Clyburn
6th Congressional District
Congressman Mark Sanford
1st Congressional District
Senator Lindsey Graham
Senator Tim Scott