Fred Morgan: Export-Import Bank nears reauthorization

For more than 100 Oklahoma businesses and countless others that supply them, October 27th was a very important day. With the passage of a bill in the U.S. House of Representatives to reauthorize the Export-Import (Ex-Im) Bank, these companies – 88 of which are small businesses – are a step closer to being on level footing with foreign competitors. The State Chamber thanks Congressmen Jim Bridenstine, Tom Cole, Frank Lucas, Markwayne Mullin and Steve Russell for their votes to bring the issue before the House and support reauthorization.

An estimated 7,000 jobs at Oklahoma companies that use Ex-Im are potentially at risk if the bank’s charter isn’t extended. That doesn’t include the suppliers and distributors that work with those exporters. This is an important issue for Oklahoma’s business community and the state’s economic future.

The Ex-Im Bank does not cost taxpayers. In fact, it contributed nearly $700-million to the U.S. Treasury in FY 2014. It’s not a hand out to businesses, it’s a loan that not only helps companies sell their products overseas, many times it is a requirement to even bid on projects. Failure to restore this important exporting tool only serves to create jobs in countries overseas. Even Iran and Sri Lanka have the equivalent to Ex-Im in their countries.

If Oklahoma is going to continue to grow, we need Congress to work together to create a climate for businesses to thrive and create good paying jobs. Inaction only leads to important programs like Ex-Im falling through the cracks and a power-hungry executive branch usurping more authority through onerous rules like the EPA is imposing.

Now that Ex-Im has cleared this hurdle, we urge the Senate to move for quick passage as well. Businesses can’t afford more stalemates in the legislative branch. It’s time for leadership and courage to do what is right for the country’s economy.

This column was printed in the November 12, 2015, edition of The Tulsa World.