U.S. Senate Votes to Reauthorize Export-Import Bank (Global Trade Daily)

Conservative political groups targeted the bank for elimination, calling it a vestige of corporate welfare that largely supports big industrial exporters. But the U.S. Chamber of Commerce and the National Association of Manufacturers are strongly supportive.

“With more than 60 export credit agencies enabling our foreign competitors to seize opportunities away from workers, it’s critical that Congress restores this important tool for American exports,” the manufacturers association president, Jay Timmons, said on Sunday. But President Obama said, “The Export-Import Bank makes money for the U.S. government. I just want to be clear about this: This is not a situation in which taxpayers are subsidizing these companies.”

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