The controversy surrounding renewal of the U.S. Export-Import Bank is difficult to understand. The bank provides crucial export receivable insurance for a multitude of manufacturing businesses throughout the United States, and it returns over $1 billion in annual profits to the taxpayers.
This insurance has helped the Washington wine industry develop a global reputation for its unique quality of wines. Most of Washington’s 850-plus wineries are small, family-owned businesses like my own, L’Ecole No. 41 here in the Walla Walla Valley. Wine is sold on a global stage and, ultimately, Washington’s reputation as a world-class wine region comes from competing against the best wines in the world. And we are winning.
Our newest Estate Ferguson Bordeaux Blend just won the International Trophy from Decanter as the Best Bordeaux Blend in the world. International interest in Washington wines is soaring.
But we cannot continue our export growth without the insurance offered by the Ex-Im Bank. There is no private enterprise willing to provide this insurance. Hundreds of other small manufacturing and agricultural businesses equally rely on this program. Dozens of other countries support their country’s exports with similar programs.
Congress should quickly and strongly reauthorize the Ex-Im charter.