definition for: #AmericanCompetitiveness

The EX-IM Bank of the U.S. is one of about 60 export finance agencies worldwide that help firms of those nations finance foreign trade that banks often won't for a variety of reasons. Lack of jurisdiction; lack of a branch office in the customer's country; and difficulty in obtaining and enforcing judgement awards against defaults are a few. Also, other nations through their own export credit agencies can be extremely competitive on large projects and use favorable terms to win contracts. This is where EX-IM bank steps in to help American competitiveness in global markets. It does all this without the use of taxpayer money, and is solvent and profitable now for over 80 years. Killing EX-IM while at the same time negotiating new trade agreements like TTP and TTIP will open U.S markets to these countries while destroying the ability of U.S. firms to participate in TPP and TTIP markets. The result would be to increase the trade deficit and weaken the U.S dollar by changing the balance of payments. Misinformation about EX-IM bank abounds, and two terms being used are that it is 'corporate welfare' and a 'slush fund'. No payments or subsidies are received by U.S. firms from EX-IM, and no taxpayer money is used in the finance of U.S. global trade. U.S. firms do not use any money from EX-IM to finance their activities, and only transactions for goods and services directly related to those goods can be financed. Stop the misinformation, and preserve American competitiveness in global markets. Tell Congress that EX-IM bank must be reauthorized to keep U.S. jobs in the U.S. and allow American firms to compete in foreign markets.