Export-Import Bank Creates Jobs, Opens Markets and Makes Sense

Greater Houston is the No. 1 exporting metropolitan area and Texas is the nation’s No. 1 exporting state, but that could end if some ideologues in Washington get their way.

After campaigning on adding jobs and increasing manufacturing, folks calling themselves conservatives want to shut down an 80-year-old institution that boosts exports, generates business for the banks and makes the government cash, $2 billion in the last five years. They want to eliminate the Export-Import Bank of the United States.

Americans for Prosperity calls the Ex-Im Bank “corporate welfare,” and Heritage Action has made killing the bank a top priority. But calling the program welfare turns the phrase on its head and ignores the vital role it plays in creating U.S. jobs. No one is getting something for nothing.

Forty nations use similar banks, Congress has reauthorized the U.S. Ex-Im Bank 16 times, and it has been praised by the last six presidents. Yet tea party-backed U.S. Rep. Jeb Hensarling of Dallas calls it the face of "crony capitalism" and wants to shut it down, even though closing the bank could cost grass-roots tea party supporters in Texas their jobs.
July 8, 2014
Houston Chronicle