Small exporters backed Barack Obama’s efforts to convince Congress to quickly reauthorize the Export-Import Bank, which helps finance sales of American products abroad.
After meeting with executives of 10 small and medium-size businesses that use Exim ban to help export goods, Obama said closing the 81-year-old government agency amounted to unilateral disarmament.
Republicans block Exim Bank’s reauthorization
The Exim Bank has been the nation’s lender of last resort for eight decades. Its purpose is to boost U.S. business through loan guarantees and financing to foreign companies that borrow money to buy American products. It sells companies a kind of insurance that protects U.S. companies if a foreign customer doesn’t pay for an order.
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