(Newsday, Washington, 15 May 2012) Congress has approved the renewal of a charter for the Export-Import Bank of the United States, keeping alive an independent federal agency that has provided billions in loans and loan guarantees for exporters in the United States. The Export-Import Bank, which takes no money from taxpayers, provides export financing for about 2 percent of U.S. exports, amounting to $32 billion in loans, loan guarantees and credit financing in 2011. The bank also provides financing for foreign buyers of U.S. goods and services. In the past, the bank has had its charter renewed with little notice, but this year conservative groups like the Club for Growth have pushed for the bank to be abolished, saying it distorts markets. Some news coverage of this controversial US political debate: GOP will suffer if Export-Import Bank is weakened In the Global Fight for Jobs, Don’t Lay Down Your Weapons Export-Import Bank reauthorization no sure thing Congress fights over future of export bank CCAGW Calls for End to Ex-Im Bank
Date
30 April 2012
