House Reaches Agreement on Export-Import Bank

Friday, 04 May 2012 11:13 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

WASHINGTON -- U.S. House leaders said they had reached a bipartisan deal to reauthorize the U.S. Export-Import Bank and increase its lending cap to $140 billion in 2014.

The deal, negotiated by House Majority Leader Eric Cantor, a Virginia Republican, and House Minority Whip Steny Hoyer, a Maryland Democrat, came weeks before the bank's temporary charter was set to expire.

The nearly 80-year-old government bank provides direct loans and credit guarantees to help U.S. exporters make sales in markets that private lenders consider too risky to operate on their own. Boeing Co is the bank's biggest customer and many other U.S. manufacturers also rely on its services.

Efforts to renew the Export-Import Bank's charter ran into objections from conservative Republicans, who say it is unnecessary government interference in the market. Delta Air Lines had raised concerns, saying it has been hurt by low-interest Export-Import Bank loans to foreign carriers.

On Friday, Republicans and business groups alike praised the deal.

"Action on this agreement is necessary to promote American exports and remove a threat to the creation of American jobs," Republican Speaker of the House John Boehner said in a statement. He said he supports the agreement and urged all members to support it. 

© 2014 Thomson/Reuters. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Plane Crash Kills Dad Walking on Beach With Daughter

Sunday, 27 Jul 2014 17:42 PM

Authorities say a father was killed and his daughter seriously injured while walking on the sand whe n a small plane cra . . .

Family of 5 Shot Dead in Maine, Gun Recovered

Sunday, 27 Jul 2014 20:54 PM

A family of five, including three children ranging in age from 4 to 12 years old, were found shot to death Sunday inside . . .

California Lightning Hits 14; 2 Critically Injured

Sunday, 27 Jul 2014 20:07 PM

Lightning struck 14 people, leaving two critically injured, as rare summer thunderstorms swept through Southern Californ . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved