Unleash the Export-Import Bank to outcompete China
The Export-Import Bank has historically returned more money to the Treasury than it costs, which complicates the "corporate welfare" label its critics use. Cramer's argument is that while the U.S. hesitates, China's state banks are financing energy projects across the globe, locking in long-term deals that American companies can't match. That's a real concern, and it's why the bank has drawn support from both parties at different moments.
I think the China framing is politically smart, but it doesn't settle the older argument about whether the bank picks winners. Boeing and other large exporters have been the main beneficiaries, and smaller businesses often struggle to navigate the process. The 45,000 jobs figure is worth taking seriously, though I'd want to know how many of those are direct versus indirect, and whether those jobs would actually vanish if the bank closed.
Where I land: reauthorization with tighter rules for transparency and small-business access seems reasonable. The bank isn't a perfect tool, but walking away while China expands its own export credit programs would leave the U.S. at a disadvantage. Congress has until Dec. 31 to decide, and this is one of those deadlines that tends to get kicked down the road.