George F. Will’s March 18 column, “High-flying corporate welfare” was inaccurate in its claims about the Export-Import Bank. Last year, Ex-Im financed $41 billion in export sales, supporting more than 290,000 American jobs, about 1,000 jobs per work day.
Mr. Will failed to recognize that U.S. companies compete against not only other companies but also other countries. He called Ex-Im financing “corporate welfare,” yet over the past five years, the bank has generated $1.9 billion in surpluses for U.S. taxpayers.
Mr. Will also contended that Ex-Im financing of international aircraft sales has cost U.S. jobs. However, in 2011, Ex-Im financing for U.S. aerospace manufacturers supported more than 85,000 jobs. More than 87 percent of the bank’s transactions are for small businesses, and in rapidly growing economies our financing makes a critical difference.
Fred P. Hochberg, Washington
The writer is chairman and president of the Export-Import Bank of the United States.