The Wall Street Journal reports President Barack Obama signed legislation Friday to revive the U.S. Export-Import Bank. Lawmakers attached it to the highway bill that both chambers overwhelmingly approved on Thursday.
According to the report:
"The outcome now gives the bank a firm footing until September 2019, but the brawl over its existence this year left both economic and political scars.
"The Ex-Im Bank charter ran out in July, preventing the agency from writing new business, after key lawmakers bottled up legislation that would overhaul and renew it. The unprecedented pause in activity for the 81-year-old agency that finances American exports prompted companies to move business abroad or risk lost sales.
"Critics say the agency puts taxpayers at risk of losing money to finance sales of planes, satellites and industrial equipment that should be left to the private sector.
"A muscular lobbying effort by business groups successfully persuaded lawmakers that U.S. manufacturers, already squeezed by a stronger dollar, risked being left at a permanent disadvantage to foreign rivals. General Electric Co., Boeing Co. and trade groups publicized examples of business that was being outsourced or lost outright to foreign competitors."
We spoke with Andy Randle, president of Ace Pump, in October about the support Ace Pump has received from Ex-Im Bank since 2000 and how it has allowed them to enter higher risk markets like Argentina and Ukraine.
See the entire report from our Oct. 23, 2015 On The Record newscast here: