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Why America Needs the Export-Import Bank

Posted July 1st, 2015 at 1:21 pm (UTC-4)
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President Obama.
(photo credit: AP)
By Barack Obama – The Boston Globe

On Monday, I started the work week off right, by signing two bipartisan trade bills into law. They’ll help level the playing field for American workers and businesses, boost our economic ties with lower-income countries, and give our workers the job training and support they need to succeed in a rapidly changing world.

We should be building on that progress. Instead, just two days after I signed those two trade bills, Congress is taking a step backward.

As of Wednesday, the authorization for the US Export-Import Bank, or “Ex-Im,” has expired. The bank’s sole mission is to support American jobs by increasing our exports. That’s it. It helps small businesses go global. It helps American entrepreneurs take that next step. Plus, it costs the taxpayers nothing — all its money comes from its own operations. In fact, it actually generates money for the taxpayer. That’s how cost-effective it is.

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