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EX-IM bank Since the Export-Import Bank was founded in 1934, Congress has methodically renewed its c


Posted: May 15, 2012

Anyone have thoughts on this?  

Some background on the Ex-IM bank. 

About Ex-Im Bank:Ex-Im Bank is an independent federal agency
that helps create and maintain U.S. jobs by filling gaps in private
export financing at no cost to American taxpayers. In the past five
years, Ex-Im Bank has earned for U.S. taxpayers $1.9 billion above the
cost of operations. The Bank provides a variety of financing mechanisms,
including working capital guarantees, export-credit insurance and
financing to help foreign buyers purchase U.S. goods and services.

Ex-Im Bank approved $32.7 billion in total authorizations in FY
2011 — an all-time Ex-Im record. This total includes more than $6
billion directly supporting small-business export sales — also an Ex-Im
record. Ex-Im Bank’s total authorizations are supporting an estimated
$41 billion in U.S. export sales and approximately 290,000 American jobs
in communities across the country. For more information, visit
www.exim.gov .

Since the Export-Import Bank was founded in 1934, Congress has
methodically renewed its charter two-dozen times with little or no
controversy, attesting to the independent federal agency's low-key,
generally well-regarded mission of helping finance American companies'
overseas sales.

Now all the sudden in a time of high unemployment the GOP suddenly wants to put a halt to this and risk 290,000 AMERICAN jobs? GOP-led governments have already cost many teachers, firefighters, policemen and other federal workers thousands upon thousands of jobs and now they want to risk more private sector jobs as well? 

Is the GOP truly country over party?  Are they willing to sacrifice American Citizens livelihood to regain power in November?  The talking point is Obama is responsible for high unemployment rate and bad economy...when the GOP pulls stunts like this exactly WHO is to blame?

;

Is this thing on? - DD

[ In Reply To ..]
30 something views and no one has an opinion? Oh well, I thought maybe someone would have had a logical explanation why a program that has been helping to provide jobs and business to Americans for over a quarter of a century without a hint of resistance would all of the sudden be a bad idea in a time of high unemployment.

It's not a requirement to post a comment or opinion. - what if - sm

[ In Reply To ..]
There are a lot of posts I agree or disagree with but don't feel like posting a comment. It's not a requirement.

Update - DD

[ In Reply To ..]
It passed both Senate and House and is on the way to be signed by the President! Good news for over 200,000 AMERICAN WORKERS!
---
Votes in Senate
Ayes: 78 (Democrat: 50; Republican: 27; Other: 1)
Nays: 20 (Democrat: 0; Republican: 19; Other: 1)
Abstained: 2 (Democrat: 1; Republican: 1)

Votes in House
Ayes: 330 (Democrat: 183; Republican: 147)
Nays: 93 (Democrat: 0; Republican: 93)
Abstained: 8 (Democrat: 7; Republican: 1)
----
The U.S. Senate reauthorized the Export-Import Bank charter and increased its credit exposure limit — and after months of delay and debate, President Barack Obama is expected to sign the legislation, putting it into effect.

The Business Journals’ Washington Bureau office reported the Senate passed the Ex-Im Bank bill May 15 on a 78-20 vote. Earlier this month, the bill passed the House of Representatives.

After the President signs the bill — which he is expected to do — Ex-Im Bank, a federal agency that provides financing and services for exporters and importers, will be reauthorized until September 2014 and have a credit limit of up to $140 billion, an increase from $100 billion.

Houston exporters have long been in support of Ex-Im Bank because many rely on its services, such as its working capital and loan guarantee programs. Before the bill passed, many local exporters were worried that their services would be cut short if the bank reached its credit exposure limit before Congress could extend it.

Fred Hochberg, Ex-Im Bank’s chairman, said in a statement that he was happy with the Senate’s decision to reauthorize the agency.

“The Export-Import Bank Reauthorization Act of 2012 will allow the bank to continue financing U.S. exports to meet foreign competition and fill the void when commercial funding is unavailable. And the bank will continue to play a critical role in our economic recovery at no cost to the American taxpayers,” he said.

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