The Export-Import Bank of the United States has not had a quorum to do its job properly since 2015. At the moment, 4 out of 5 voting member seats on EXIM's board of directors are vacant. Billions of dollars in transactions are sitting in the pipeline.
Benjamin Franklin once said:"For want of a nail, the shoe was lost. For want of the shoe, the horse was lost."
Since 2015, the EXIM board of directors has not had a quorum to do its job properly – four out of the five voting member seats are currently vacant. The costs of sidelining EXIM can be measured in the tens of billions of dollars of products we fail to export. These costs can also be measured by the thousands of jobs we fail to create when this country does not have a fully functioning export credit agency to compete with its counterparts around the world.
By comparison, America's EXIM has an exposure of about $70 billion -- about one dollar for every five of China's.However, when EXIM supports large American manufacturers, it is also nourishing thousands of small and medium-sized companies across the supply chains of America that support thousands of good paying manufacturing jobs.
Since EXIM lost its quorum in 2015, the United States economy has lost $20 billion in overseas opportunities. Right now, EXIM has $40 billion in transactions sitting in its pipeline, just waiting for a quorum. Meanwhile, critical nuclear projects using Westinghouse technology in Saudi Arabia, India and Poland are stalled while China, with its mercantilist Belt and Road Initiative, is running circles around us.
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