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...Im Chairman William J. Casey, formerly head of the Securities and Exchange Commission and Under Secretary of State, complains that the Jackson-Stevenson restriction would hinder the bank's ability to compete in a fast-moving global credit market where time is money. The House has yet to draft an Ex-Im bill, but opposition to the bank's recent policies is even stronger there than in the Senate...
Cheap Credit. Recently, Ex-Im granted a $469 million credit package to finance an $80 million trade center in Moscow and plants to make chemicals, iron-ore pellets and fertilizers, to be built with assistance and hardware from U.S. companies. By 1978, Ex-Im loans to the Soviets could total $1.4 billion. Senator Stevenson charges that the credits are going to a nation that does not really need the help. "Soviet gross national product," he points out, "is second only...
Opponents are particularly incensed by the low interest rates on Ex-Im loans. While U.S. corporations have to pay 11½% or more interest on borrowings from commercial banks, the Soviets are getting Ex-Im money at 61/2%. Iran is paying around 6% on Ex-Im loans of $877 million to finance such things as oil refineries, airplanes and diesel locomotives-even though, as Scoop Jackson points out, Iran is awash in oil dollars. Casey persuasively defends the rates as competitive with those charged by export-finance agencies in Britain, France, Japan, Canada, Italy and Germany. If the Soviets...
Labor leaders charge that some Ex-Im loans have gone to foreign companies that export goods to the U.S., taking sales and jobs from domestic firms. AFL-CIO Lobbyist Ray Denison says Ex-Im has financed a Mexican factory that makes automobile springs that are shipped to the U.S. Recently, Ex-Im lent $75 million to the Bank of Tokyo to finance purchase by Japanese firms of 260,000 bales of U.S. cotton. Critics fear that that loan will worsen American inflation by raising the price of domestic cotton...
Casey says that such deals are necessary to stabilize the balance of payments and strengthen the dollar abroad. In general, the bank has done an effective job of promoting U.S. exports; but in an era when international economic relations are increasingly fraught with political significance, Ex-Im's leaders hardly hope to avoid closer congressional scrutiny of their policies. Restrictions that would weaken the bank's competitiveness, though, could hamper America's trade drive...