US Export-Import Bank Is Revived

(Wall Street Journal, Washington, 9 December 2015) Legislation signed by President Barack Obama on Friday resurrected the U.S. Export-Import Bank and ended a five-month lapse that revealed far stronger bipartisan backing for the agency than the pitched battle to shut it down suggested. The outcome now gives the bank a firm footing until September 2019, but the brawl over its existence this year left both economic and political scars. The New York Times however has reported that: Yet an obstacle remains: With three empty seats on its five-member board, the bank lacks a quorum. Until Mr. Obama nominates members, and the Republican-controlled Senate confirms them, Ex-Im Bank can only approve small export deals, not the big orders for aircraft, satellites and major manufacturing equipment the bank is best known for — leaving the likes of Boeing, General Electric and Caterpillar in limbo.