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Policy: Economy

Export-Import Bank subsidy beneficiary wants to let Export-Import Bank expire

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Beltway Confidential,Opinion,Congress,Timothy P. Carney,Washington,Economy,Cathy McMorris Rodgers,Export Import Bank

Republican Rep. Cathy McMorris-Rodgers is from Washington state, which makes her hesitance on the Export-Import Bank raise eyebrows. A local paper, the Spokesman-Review, blasted her for her reluctance, citing Washington's status as "the nation's most trade-dependent state."

Back in 2012, the same paper said Ex-Im reauthorization "should be automatic," citing a small-business recipient of Ex-Im's subsidies:

Although Boeing Co. is by far the biggest beneficiary, in the last five years several Eastern Washington companies — SCAFCO in Spokane, Schweitzer Engineering Laboratories in Pullman, and Colmac Coil in Colville — have done more than $3 million worth of foreign business with Ex-Im’s help. Dozens, if not hundreds, of jobs have been created or sustained.

Today, the Spokesman-Review has a letter to the editor "Let Ex-Im Bank expire," written by none other than Edmund Schweitzer of Schweitzer Engineering:

Some Schweitzer Engineering Laboratories customers have used the Ex-Im Bank for financing, at their choosing. SEL does not depend on it, nor encourage it. If the Ex-Im Bank were to disappear, I believe buyers and sellers would find attractive commercial options unencumbered by politics and special interests.

The government’s role should be to drive for free and honest trade around the world, through our State and Commerce departments. I do not believe its role should include competing with commercial banking, financing, and insurance.

Imagine that! Letting the markets deal with buying, selling and borrowing!

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