Posted:
May 17, 2012
The Senate this week voted 78-20 to renew the charter of the U.S. Export-Import Bank for three years and to increase the bank's lending capacity gradually to $140 billion over the life of the charter. A week earlier, the House of Representatives voted 330-93 in favor of the same legislation, which has advanced to the President for approval.
The Export-Import Bank has since 1934 provided loan guarantees and direct loans to help businesses overseas buy U.S. goods and services. The bank's charter was to have expired last Sept. 30, but it was extended through May 2012 under a continuing budget resolution.
All exported cargoes financed through the Export-Import Bank are by law reserved for U.S.-flagged merchant ships.
"This is an extremely significant victory for the U.S. merchant marine and for AMO members in particular," said American Maritime Officers National President Tom Bethel. "The cargo preference requirement for cargoes financed with the assistance of the Ex-Im Bank has drawn several ships to the U.S.-flag fleet in recent years. Among officers' unions, AMO remains the primary beneficiary of fleet expansion in this sector."
Senate approves Export-Import Bank reauthorization in overwhelming vote
The Senate this week voted 78-20 to renew the charter of the U.S. Export-Import Bank for three years and to increase the bank's lending capacity gradually to $140 billion over the life of the charter. A week earlier, the House of Representatives voted 330-93 in favor of the same legislation, which has advanced to the President for approval.
The Export-Import Bank has since 1934 provided loan guarantees and direct loans to help businesses overseas buy U.S. goods and services. The bank's charter was to have expired last Sept. 30, but it was extended through May 2012 under a continuing budget resolution.
All exported cargoes financed through the Export-Import Bank are by law reserved for U.S.-flagged merchant ships.
"This is an extremely significant victory for the U.S. merchant marine and for AMO members in particular," said American Maritime Officers National President Tom Bethel. "The cargo preference requirement for cargoes financed with the assistance of the Ex-Im Bank has drawn several ships to the U.S.-flag fleet in recent years. Among officers' unions, AMO remains the primary beneficiary of fleet expansion in this sector."