General James Jones: "Keep the Export-Import Bank"
Wanted to be sure you saw today’s column by General James L. Jones – former National Security Advisor, supreme allied commander Europe, and commandant of the U.S. Marine Corps – in USA Today with some choice words for Ex-Im Bank opponents on why we need to reauthorize the Bank’s charter before it expires on June 30. Here’s a look at key excerpts:
“Many opponents of reauthorization base their arguments on a world that doesn't exist, where markets are untrammeled by state-supported export finance. The reality is that throughout the world approximately 60 export credit agencies are jockeying to offer enticing financing terms with a view to winning more and more sales for the companies domiciled in their respective nations, often at our expense.”
“Last year alone, Ex-Im backed U.S. exports valued at approximately $27.5 billion and supported 164,000 export-related U.S. jobs. Using the accounting method required by law, Ex-Im has sent to the Treasury $7 billion more than it has received in appropriations since 1990. Ex-Im's record of strengthening U.S. exports and competitiveness while generating revenue for the U.S. treasury explain its long history of bipartisan support from Republican and Democratic presidents and the U.S. Congress.”
“It would be a bit naïve to suppose that foreign governments would suddenly about-face and dam their tidal waves of export credits if Congress were to shutter Ex-Im's doors. Competitors would welcome the United States unilaterally disarming and ending its export finance program. It would mean more business for their companies and a stronger geopolitical hand around the world for them. The reality is that if the United States leaves the field on export financing we place more at U.S. business abroad and jobs at home at risk; we would undermine American influence and economic leadership at a time when it's needed more than ever.”
“As a former NATO commander, service chief and national security adviser, I have witnessed firsthand the geostrategic importance of American economic engagement. Where the U.S. private sector is not present, America's interests and values suffer. The result is a less stable and secure world. After serving over 40 years in uniform, I have a trained aversion to whatever threatens our nation. The willful undermining of our national economic competitiveness counts among them.”
“As Americans, we hope and trust that despite the fractiousness of our political system, we can still overcome gridlock to do what's best for our nation. The stubborn fact is that reauthorizing the Ex-Im bank is good for America. It will help sell more American products abroad, support American jobs, expand U.S. global influence and do so without adding to our fiscal deficit. Whether slogans prove more stubborn than facts remains to be seen. For our country's sake, let's hope that John Adams was right and that the facts and our national interest prevail.”
Click here to read the full column.