As a rock-ribbed conservative, I support the entrepreneurial dynamism of free markets. I believe entrepreneurs are more likely than government bureaucrats to build successful businesses and provide stable, good-paying jobs. I oppose government interference in the marketplace. I want government to spend less, interfere less, do less, and tax less.
So when a few fellow conservatives criticize plans to reauthorize the Export-Import Bank on grounds that it is just another costly government corporate welfare program, why do I strongly disagree? The answer is simple – the Ex-Im Bank is none of the things some of my fellow conservatives claim.
The Ex-Im Bank assists U.S. manufacturers – small and large – to export their goods to foreign buyers. Typically it facilitates loan guarantees for foreign buyers who want to buy U.S. goods. Whether it is big names like General Electric, Caterpillar and Boeing, or small companies (which comprise 87% of the bank’s transactions), the Ex-Im Bank helps their foreign buyers obtain financing so that American goods are sold and shipped abroad. This means more American employment and more exports. Read more