Posted:
May 30, 2012
President Obama today signed into law legislation reauthorizing the U.S. Export-Import Bank through the end of fiscal year 2014. Under the law, the bank's lending capacity will increase incrementally to $140 billion by fiscal year 2014, provided certain requirements are met.
Reauthorization of the Export-Import Bank drew strong support in Congress, where the legislation signed today was approved by a vote 78-20 in the Senate and a vote of 330-93 in the House of Representatives.
Since 1934, the bank has 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.
"The vote counts demonstrate clear acknowledgement of the Ex-Im Bank's important role in supporting the American manufacturing sector, which in turn puts export cargoes on U.S.-flagged ships," said AMO National President Tom Bethel. "The bank's reauthorization and prescribed expansion in capacity are positive strides for the nation's economy and the U.S. merchant marine."
U.S. Export-Import Bank reauthorized through fiscal year 2014
President Obama today signed into law legislation reauthorizing the U.S. Export-Import Bank through the end of fiscal year 2014. Under the law, the bank's lending capacity will increase incrementally to $140 billion by fiscal year 2014, provided certain requirements are met.
Reauthorization of the Export-Import Bank drew strong support in Congress, where the legislation signed today was approved by a vote 78-20 in the Senate and a vote of 330-93 in the House of Representatives.
Since 1934, the bank has 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.
"The vote counts demonstrate clear acknowledgement of the Ex-Im Bank's important role in supporting the American manufacturing sector, which in turn puts export cargoes on U.S.-flagged ships," said AMO National President Tom Bethel. "The bank's reauthorization and prescribed expansion in capacity are positive strides for the nation's economy and the U.S. merchant marine."