June 30 came and went, and Congress did not reauthorize the Export-Import Bank. That lack of action will hurt Rhode Island's economy.
Based on information provided by U.S. Rep. David N. Cicilline, the Ex-Im Bank has helped Ocean State businesses with shipment insurance, guaranteed credit and loans over the last eight years worth more than $20 million, which has supported $50 million in exports.
Conservative opponents in Congress argue that the Ex-Im Bank is a tool of crony capitalists. And thanks to their opposition, it is now not able to approve any new loans, guarantees or insurance, of which Bloomberg News says there are $9 billion in applications waiting for action.
Given the need for Rhode Island-based companies to look outside the state, and especially overseas, for new markets, this lack of access to credit does not help.
It is possible that when Congress returns from its July 4 holiday, it will take up renewing the bank's charter. Let's hope that the greater good trumps ideological purity in this case and the bank gets a new lease on life. •