July 7, 2015 - For the first time in history,
the U.S. Export-Import Bank (Ex-Im Bank) fails
to receive congressional reauthorization. This
is because congress skipped out of town for
summer recess without taking a vote before its
July 1st deadline. As a result of congress'
failure to act, the U.S. Ex-Im Bank is not
authorized to make any further loans to foreign
buyers who wish to purchase
goods on credit.
This will now force many foreign buyers of
American goods to look somewhere else, such as
the Chinese markets. This will hurt workers and
companies across this county that rely on their
goods being sold overseas. The U.S. Ex-Im Bank
is the official export credit agency of the United States.
Its purpose is to provide financing to foreign
buyers of American goods. The bank was created
in 1934, by President Franklin D. Roosevelt
under an executive order and in 1945 congress
established the bank as an independent agency
under the Executive Branch of government.
As a result of congress' failure to act, Many
companies such as Boeing will have great
difficulties selling its aircraft to foreign
buyers. All U.S. Ex-Im Bank preexisting loans,
guarantees, and insurance policies will continue
in full force and effect. The Bank will continue
to manage all transactions in its portfolio
until maturity, including issuing waivers and