Senate confirms trio of Export-Import Bank officials

Combined Shape

WASHINGTON (AP) — The Senate on Wednesday confirmed a trio of nominees to the Export-Import Bank, reviving a U.S. agency that provides loans and other help to foreign buyers of U.S. exports.

Confirmation of the nominees, including Republican Kimberly Reed as board president, restores a quorum and permits the bank to process larger transactions to help companies like Boeing and others with export deals.

Congress reauthorized the agency in 2015, but GOP opponents of the bank prevented both President Donald Trump and former President Barack Obama from populating its board, which must approve deals exceeding $10 million. Almost $40 billion in pending deals has been held up while the bank languished without a quorum.

It has many GOP critics who say it distorts markets and that too much of its help benefits large corporations like Boeing. Some U.S. businesses, including airlines, say the bank effectively subsidizes foreign competitors.

Supporters of the board, including most Democrats and the GOP’s establishment wing, say foreign governments unfairly subsidize domestic companies and that the bank helps level the playing field.

Trending:
Ron DeSantis Announces Cash Bonuses for All Police Officers, Firefighters and Paramedics

“China has multiple, massive export credit agencies, and we need a fully functioning Export-Import Bank to help American exporters compete globally,” said top Banking Committee Democrat Sherrod Brown of Ohio.

The bank’s charter expires at the end of September, so further action by lawmakers is required or it will shut down again.

The Western Journal has not reviewed this Associated Press story prior to publication. Therefore, it may contain editorial bias or may in some other way not meet our normal editorial standards. It is provided to our readers as a service from The Western Journal.

Truth and Accuracy

Submit a Correction →






We are committed to truth and accuracy in all of our journalism. Read our editorial standards.

Tags:
The Associated Press is an independent, not-for-profit news cooperative headquartered in New York City. Their teams in over 100 countries tell the world’s stories, from breaking news to investigative reporting. They provide content and services to help engage audiences worldwide, working with companies of all types, from broadcasters to brands.
The Associated Press was the first private sector organization in the U.S. to operate on a national scale. Over the past 170 years, they have been first to inform the world of many of history's most important moments, from the assassination of Abraham Lincoln and the bombing of Pearl Harbor to the fall of the Shah of Iran and the death of Pope John Paul.

Today, they operate in 263 locations in more than 100 countries relaying breaking news, covering war and conflict and producing enterprise reports that tell the world's stories.
Location
New York City




Conversation