U.S. Sen. Lindsey Graham (R-SC) is optimistic that legislation sent by the U.S. House of Representatives and U.S. Senate to President Barack Obama will allow the Export-Import Bank (EXIM Bank) to resume operations.
The EXIM Bank is an official export credit agency of the United States federal government that provides financing when private lenders do not. It has been closed for more than five months
"I don’t think there is any doubt that the shutdown of EXIM cost us jobs in South Carolina and across the nation,” Graham said. “This wasn't an academic debate. There were real people holding real jobs who were hurt by the closing of EXIM. It was irresponsible for the United States to unilaterally disarm while other nations with export credit agencies, many of them much larger than ours, took advantage of our unforced error. We should never make that mistake again.”
Graham said if the bank resumes operations the Palmetto State will be poised to increase its manufacturing capabilities, which will lead to job creation.
The EXIM closure led General Electric to move 400 jobs to France instead of to its power turbine plant in Greenville, South Carolina and two other U.S. sites, Graham noted.
“Whether it’s Boeing building 787 Dreamliners in North Charleston, General Electric building gas turbines in Greenville, or one of the many small manufacturers across our state, this is a good day for job creation," Graham said. "American businesses will now once again be competing on a level playing field in the international marketplace. It's long overdue."
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