U.S. Trade Representative Robert Lighthizer said Wednesday that the lack of a functioning Export-Import Bank was a serious blow to the U.S. economy.
“The answer is, yes, it is having an impact and it is way beyond China and it is costing us jobs and there is no excuse for it in my opinion,” Lighthizer said in response to a question from Rep. Gwen Moore, D-Wis., during an appearance before the House Ways and Means Committee.
The Export-Import Bank provides loans, guarantees, and other financing to encourage foreign purchases of U.S. goods. Business groups have called it an essential tool for reaching foreign markets. Critics, ranging from conservatives like Sen. Pat Toomey, R-Pa., to liberals like Sen. Bernie Sanders, I-Vt., have called it a form of corporate welfare.
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