US Senate votes down Export-Import Bank re-authorization

(Air Transport World, Silver Spring MD, 22 March 2012) The US Senate has voted against re-authorization of the Export-Import Bank, casting more uncertainty about the future of the federal credit agency that will soon reach its $100 billion cap. A large proportion of Ex-Im Bank’s portfolio is loans and guarantees to ensure financing for sales of new US aircraft to foreign airlines. The agency is sometimes colloquially referred to as “Boeing’s bank.” [As we noted in last month's What's New, Ex-Im has become the subject of a heated political debate in the USA, dividing Republicans and Democrats as well as the airline industry.]