President Barack Obama signed legislation that will renew the charter of the Export-Import Bank for three years and increase the bank’s lending maximum to $140 billion from the current $100 billion. Export-Import Bank is the government’s vehicle for promoting U.S. export sales. The president said the move will assist thousands of businesses in selling their products and services overseas and help them create jobs at home. Obama also said the independent federal agency is a key factor toward reaching his goal of doubling exports over five years.
The bill was passed by lawmakers earlier this month amid resistance from conservatives who argued that the bank, which had support from numerous business groups, distorts the market. In 2011, the bank provided roughly $32 billion in loans, loan guarantees and credit financing, and supported 290,000 jobs.
