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Sen. Joe Donnelly.
file photoINDIANAPOLIS -- Sen. Joe Donnelly says the Export-Import Bank, which provides financing to help companies ship products overseas, is critical to the health of the U.S. economy, and he says he’s fearful a group of “ideologues” will prevent its reauthorization in Congress.
Opponents of the Export-Import Bank, including Tea Party Republicans and conservative groups such as Club for Growth and Americans for Prosperity, decry it as corporate welfare. They say it’s a gift of taxpayer dollars to bolster big companies. But Joe Donnelly says more than 85 percent of the bank’s transactions are with small businesses.
“Those who oppose Ex-Im for ideological reasons may make their case in the abstract, but I operate in the real world where I’m the hired help for Indiana," Donnelly said. "And I’ve heard over and over again from Indiana small businesses about the importance of Ex-Im Bank.”
One of those Hoosier small businesses is Sullivan-Palatek, an industrial air compressor manufacturer. CEO Bruce McFee says shutting down the Ex-Im Bank would have an immediate impact on his operation.
“I believe we would have very much difficulty in getting any new orders," McFee said. "In fact, the orders we have in house, many of them we would not be able to ship; we’d have to shut them down right in the middle.”
Congress must reauthorize the Export-Import Bank by the end of the month for it to continue.
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