Ex-Im Bank Imperiled, Charter Set to Lapse in September
Bloomberg reported that South Korea topped the U.S. on government-backed export credit last year with an economy one-fourteenth as large. Germany helps Airbus compete against Boeing with loan guarantees. China supports exporters of petrochemicals and electronics.
According to Bloomberg , citing an Ex-Im report issued last week, China financed $111 billion in long- and medium-term export credit last year, Japan furnished $33 billion and South Korea $24 billion, while the U.S. provided $15 billion.
Bloomberg said the Obama administration wants to reauthorize Ex-Im for five years and gradually raise its lending limit to $160 billion from the current $140 billion.
Bloomberg notes that Republican lawmakers are saying the Ex-Im is rife with cronyism and are threatening to let the bank’s charter lapse at the end of September.
To read the entire Bloomberg report, click here.