Obama urges reauthorization of the U.S. Export-Import Bank
Reuters
2014-08-23
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President Barack Obama on Saturday (August 23) urged business owners to press Congress to reauthorize the U.S. Export-Import Bank, which could halt any new financing Sept. 30 - as some conservative Republicans hope it will - if lawmakers fail to act.
The little-known institution provides loans to buyers of U.S. products abroad. Obama said in his weekly radio address that if Congress allows the bank to close, it would stunt U.S. export growth and impede economic expansion.
"If Congress fails to act, thousands of businesses, large and small, that sell their products abroad will take a completely unnecessary hit," the president said.
While playing a relatively small role in the U.S. export universe, the bank has become a political flashpoint. Conservative Republicans single it out as an unnecessary and potentially risky government program, while moderates and most Democrats defend it as providing a useful boost to businesses seekin
President Barack Obama on Saturday (August 23) urged business owners to press Congress to reauthorize the U.S. Export-Import Bank, which could halt any new financing Sept. 30 - as some conservative Republicans hope it will - if lawmakers fail to act.
The little-known institution provides loans to buyers of U.S. products abroad. Obama said in his weekly radio address that if Congress allows the bank to close, it would stunt U.S. export growth and impede economic expansion.
"If Congress fails to act, thousands of businesses, large and small, that sell their products abroad will take a completely unnecessary hit," the president said.
While playing a relatively small role in the U.S. export universe, the bank has become a political flashpoint. Conservative Republicans single it out as an unnecessary and potentially risky government program, while moderates and most Democrats defend it as providing a useful boost to businesses seekin
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