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May 16, 2012

Export-Import Bank renewed for 3 years

  • Critics call it “Boeing's bank,” but the bank says 87 percent of its transactions last year directly benefited small businesses.
    • By JIM ABRAMS
    Associated Press

    WASHINGTON — The government's vehicle for promoting U.S. export sales survived a challenge from conservatives Tuesday with a Senate vote to renew the charter of the Export-Import Bank for three years. The vote, coming after the Senate rejected amendments to weaken or kill the bank, sends the measure to President Barack Obama for his signature.

    The bill, which passed the House last week, also raises the independent federal agency's lending cap from the current $100 billion to $140 billion. The vote was 78-20.


     
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