Baker backs re-authorization of Ex-Im Bank
Gov. Charlie Baker has signed onto a letter calling on Capitol Hill leaders to reauthorize the official U.S. export credit agency.
The charter of the U.S. Export-Import Bank, also referred to as the "Ex-Im Bank," expires on June 30, 2015.
In the letter, the signers called the agency a "crucial tool that both small and large businesses use to compete fairly in the world market, increase their exports, stimulate job creation, and contribute to the growth of our states' economies."
Conservative groups like the Heritage Foundation oppose the reauthorization of the bank, calling its existence "corporate welfare."
The letter, which was still being finalized, is addressed to Republican leaders in the House and Senate, Speaker John Boehner and Majority Leader Mitch McConnell, respectively, as well as their Democratic counterparts, Minority Leaders Nancy Pelosi and Harry Reid.
According to the Associated Industries of Massachusetts, a bipartisan group of over 30 governors signed the letter, and former Gov. Deval Patrick gave his signature to a similar version last year. The business group said 57 Massachusetts exporters were helped by the Ex-IM Bank to "facilitate" more than $749 million in exports.
The letter said if the bank's charter isn't extended, U.S. industries will be at a "significant disadvantage in the global market place" and businesses in their states will suffer.
"While we appreciate that Congress extended the Bank's charter until June 30, 2015, it is essential that both chambers act again, this time to pass a long-term, multi-year reauthorization, before that deadline," the letter said. "We also welcome opportunities to continue to reform and improve the Ex-Im Bank moving forward."
Diane Katz, a research fellow at the Heritage Foundation, told U.S. lawmakers in July 2014 that the agency has exhibited a "pattern of carelessness with taxpayer dollars."
"As detailed herein, government authorities have documented a variety of problems with bank operations, including mismanagement, dysfunction, fraud, and corruption," she wrote in her testimony to a House committee, which was posted on the foundation's website. "Such problems invariably arise when government assumes a function far beyond its proper purview. Despite promises to improve operations, bank officials continue to neglect due diligence, underestimate costs, misstate losses, and exaggerate benefits."
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