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The Ex-Im Bank is a critical tool for our economy

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The Ex-Im Bank is a critical tool for our economy

Encouraging domestic export of products and goods has been, for a number of years, one of those commonsense policies that drew bipartisan support. Today, support of thoughtful policies that enable American companies to fully maximize their export potential is as vital as ever.

Reauthorization of the Export-Import Bank of the United States is such a policy. Ex-Im directly supports American jobs, and it operates at no cost to the U.S. taxpayer. Unfortunately, today it sits unauthorized, in a state of limbo.

In 2013, Ex-Im supported $37 billion in U.S. exports that in turn sustained more than 200,000 American jobs at 3,400 companies. Many of those jobs and employers are right here in our region. 

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In that same year, we exported approximately $10.4 billion in merchandise, making southwestern Pennsylvania the 32nd-largest export market in the United States. Businesses and their suppliers, big and small, from Westinghouse Electric Co. in Cranberry to Aquatech in Canonsburg utilize Ex-Im to compete with foreign competitors that benefit from their own nation’s export financing institutions.

The Ex-Im Bank provides critical support for U.S. exporters by leveling the playing field with competitors around the world. The negative ramifications are already being felt. GE recently announced that it will relocate 500 jobs overseas, citing Congress’ failure to reauthorize Ex-Im.

Ex-Im is a critical tool in ensuring that Pittsburgh area companies are selling their products around the world and growing jobs back home. Congress should reauthorize the bank with a long-term commitment.

MATT SMITH
President 
Greater Pittsburgh Chamber of Commerce
Downtown

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First Published: October 6, 2015, 4:00 a.m.

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