week Congress passed The Export-Import Bank Reauthorization Act of 2012.
The bank’s charter was extended through September 2014 and its loan exposure
cap was raised by 40% to $140 billion. The White House is
expected to sign the bill into law shortly.
Near the end of negotiations, several Republican Senators attempted to stall the
process through a series of controversial amendments. The amendments were eventually accepted by Senate Majority Leader Reid (D-NV) – a key concession that enabled passage before the bank’s expiration on May 31.
Your Irving Chamber advocated in favor of the bill with our elected officials in
order for businesses to maintain a level playing field with foreign competitors.
The bill’s enactment will allow the bank to continue financing U.S. exports
when commercial funding is unavailable.
If you have questions, please feel free to contact Austin Primiano or Joe Chapa at (214) 217-8484.