This post references articles originally published by The Wall Street Journal and Global Trade Review on January 10, 2020 and January 7, 2020.
Congress has reauthorized The U.S. Export-Import Bank for another 7 years. This bipartisan decision has come after numerous attempts to reauthorize the bank and countless obstacles in doing so. The decision is significant as, traditionally, Republicans and Democrats have disagreed on the effectiveness and future of the bank. President Trump at first was against EXIM Bank—up until 2017, when he learned more from exporters and then voiced his support for the reauthorization of the bank.
Those in support of the bank argue it is “essential to keep U.S. companies competitive against foreign firms that receive help from their governments”, reports The Wall Street Journal. The bipartisan reauthorization of the bank focuses on two goals: (1) providing certainty to U.S. businesses that they can achieve sales overseas competitively; (2) address the economic and national security challenges of China aggressively providing Export Financing (as reported by the Global Trade Review). EXIM Bank’s reauthorization highlights much-needed bipartisan support and promotion of U.S. Exporters.
Read the full story on The Wall Street Journal.
Read the full story on Global Trade Review.
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Paola Gasca, Assistant Vice President