The Presidential hopeful states the bill has to be passed by June 30th.
The Export-Import Bank (click here) of the United States (EXIM) is the official export credit agency of the United States. EXIM is an independent, self-sustaining Executive Branch agency with a mission of supporting American jobs by facilitating the export of U.S. goods and services.
When private sector lenders are unable or unwilling to provide financing, EXIM fills in the gap for American businesses by equipping them with the financing tools necessary to compete for global sales. In doing so, the Bank levels the playing field for U.S. goods and services going up against foreign competition in overseas markets, so that American companies can create more good-paying American jobs....
Evidently, the EM Bank has been controversial for some time now.
September 2, 2014
By Vinay Bhaskara
After years of operating under relative anonymity, (click here) the Export-Import Bank of the United States is under fire. The American export credit agency (ECA) has supported purchases of Boeing BA +0.23% and other aircraft made in the United States for decades, but it has recently come under fire from an unorthodox coalition composed of libertarians, anti-business progressives, US airlines and airline employee unions....
...Between 2008 and 2013, 26% of large commercial aircraft were backed by Export Import Bank funding....
For Lindsay Graham this more or less relates to the same structure as the Infrastructure Bank. If the funding isn't approved the business will go to Europe and China. This is from a Libertarian site. The issue actually revolves around the fact Boeing now has a plant in South Carolina.
“South Carolina Sen. Lindsey Graham (click here) says his Republican colleagues who don’t want to reauthorize money for the Export-Import Bank have lost their way as conservatives. … Graham, lead sponsor of legislation to reauthorize the program through 2019, said eliminating that financing option would make it difficult for U.S. businesses to compete globally and would cost jobs. ‘If you want to defund this bank and allow China and Europe to have an economic advantage over people in the United States, then I think you’ve lost your way as a conservative,’ he said. ‘I want you to come up here and tell these people why they need to lose their jobs because of your ideological purity.’” (Kathleen Ronayne, “Graham: GOP Opposition To Export-Import Bank Is Misguided,” AP, 4/9/15)...
According to the same site, Mark Sanford also from South Carolina oppose the XM Bank philosophically, but, realizes this is corporate welfare that is important to the people of his district.
...Sanford said. ‘(W)e’re dealing with large corporations that are well funded and have access to a variety of different insurance and capital sources, and if we can’t knock out a program like that, then how are we going to knock out anything in terms of limiting government?’ Sanford asked. But, he added, ‘On this one, I have to be wholly inconsistent because my philosophy would line up with Mick’s, but I think I have to vote with my district.’ The bank, Sanford added, is ‘deeply important to a company like Boeing.’” (Jamie Self, “GOP Congressmen Differ On Boeing-Related Issue,” The State, 3/31/15)
If Sanford can stand up to extremist views why can't the rest of the House? Maybe FOX News simply isn't interested in the EM Bank because they want the Wall Street welfare for South Carolina.
From Forbes:
,...The simple story of the Export-Import Bank only guaranteeing purchases for businesses without access to adequate capital doesn’t hold up under scrutiny. Between 2004 and 2013, airlines from the UAE, India, and South Korea each received more than $3 billion in Export Import authorizations, while airlines from Hong Kong, Chile, China, Ethiopia, Luxembourg (freighters), and Turkey all received $1.5-3 billion in authorizations 2004-2013. With the exception of Ethiopia, none of the countries on that list would have suffered constrained access to capital. Emirates, LAN, Turkish Airlines , Korean Air and the like would have no trouble finding reasonable commercial financing almost anywhere in the world. Even perennial financial basket case Air India would have been able to find takers given the implicit backing of the Indian government behind it....
The bottom line is that if countries are interested in increasing or developing their airlines and want to use the XM Bank that is possible until June 30th. Orders for commercial jets don't ship overnight. They have to be built and customized. If the XM Bank is not renewed there is no hardship. There is no deadline that is absolute. The bank can be reactivated anytime. The reason this is an issue for Graham is because his stated has hosted Boeing.
There is a publication from Boeing stating it needs the XM Bank. (click here)
The facts are fairly straight forward, when it is convenient for Republicans to provide a pipeline of federal money they are more than willing to do it. When the American people have issues of poverty and hunger the Republicans simply can't find the money because they are too busy placing money in the pockets of Wall Street CEOs.
The Boeing plant is where the Dreamliner is built. It is a higher end jet for the market.
Boeing is even threatening to move jobs if the XM Bank is not renewed. So Lindsay Graham had a fire lit under him and now the XM Bank is a frenzied demand for the US Senate.
May 19, 2015
By Melissa Quinn
Following reports that one of the Export-Import Bank’s (click here) biggest beneficiaries would move overseas if the agency’s charter expired, the leader of the House Financial Services Committee today spoke out against the claims, calling them a “bit of bluster.”
Speaking to reporters at a press conference on the Export-Import Bank today, House Financial Services Chairman Jeb Hensarling of Texas addressed claims from Boeing that the company would be forced to move business overseas if the agency is not reauthorized....
“I doubt I believe it,” Hensarling said. “I think, frankly, it’s a bit of bluster. I also know that I have lots of small businesses in the 5th District of Texas that manage to export without the benefits of Ex-Im, and they’re pretty ticked that their tax dollars are being called upon to finance their competitors.”...
... Hensarling, whose committee has jurisdiction over the bank, stressed that roughly 98 percent of exports are financed without assistance from Ex-Im and noted that should the bank’s charter end, existing financing wouldn’t be impacted through the life of the loans and loan guarantees....
The Export-Import Bank (click here) of the United States (EXIM) is the official export credit agency of the United States. EXIM is an independent, self-sustaining Executive Branch agency with a mission of supporting American jobs by facilitating the export of U.S. goods and services.
When private sector lenders are unable or unwilling to provide financing, EXIM fills in the gap for American businesses by equipping them with the financing tools necessary to compete for global sales. In doing so, the Bank levels the playing field for U.S. goods and services going up against foreign competition in overseas markets, so that American companies can create more good-paying American jobs....
Evidently, the EM Bank has been controversial for some time now.
September 2, 2014
By Vinay Bhaskara
After years of operating under relative anonymity, (click here) the Export-Import Bank of the United States is under fire. The American export credit agency (ECA) has supported purchases of Boeing BA +0.23% and other aircraft made in the United States for decades, but it has recently come under fire from an unorthodox coalition composed of libertarians, anti-business progressives, US airlines and airline employee unions....
...Between 2008 and 2013, 26% of large commercial aircraft were backed by Export Import Bank funding....
For Lindsay Graham this more or less relates to the same structure as the Infrastructure Bank. If the funding isn't approved the business will go to Europe and China. This is from a Libertarian site. The issue actually revolves around the fact Boeing now has a plant in South Carolina.
“South Carolina Sen. Lindsey Graham (click here) says his Republican colleagues who don’t want to reauthorize money for the Export-Import Bank have lost their way as conservatives. … Graham, lead sponsor of legislation to reauthorize the program through 2019, said eliminating that financing option would make it difficult for U.S. businesses to compete globally and would cost jobs. ‘If you want to defund this bank and allow China and Europe to have an economic advantage over people in the United States, then I think you’ve lost your way as a conservative,’ he said. ‘I want you to come up here and tell these people why they need to lose their jobs because of your ideological purity.’” (Kathleen Ronayne, “Graham: GOP Opposition To Export-Import Bank Is Misguided,” AP, 4/9/15)...
According to the same site, Mark Sanford also from South Carolina oppose the XM Bank philosophically, but, realizes this is corporate welfare that is important to the people of his district.
...Sanford said. ‘(W)e’re dealing with large corporations that are well funded and have access to a variety of different insurance and capital sources, and if we can’t knock out a program like that, then how are we going to knock out anything in terms of limiting government?’ Sanford asked. But, he added, ‘On this one, I have to be wholly inconsistent because my philosophy would line up with Mick’s, but I think I have to vote with my district.’ The bank, Sanford added, is ‘deeply important to a company like Boeing.’” (Jamie Self, “GOP Congressmen Differ On Boeing-Related Issue,” The State, 3/31/15)
If Sanford can stand up to extremist views why can't the rest of the House? Maybe FOX News simply isn't interested in the EM Bank because they want the Wall Street welfare for South Carolina.
From Forbes:
,...The simple story of the Export-Import Bank only guaranteeing purchases for businesses without access to adequate capital doesn’t hold up under scrutiny. Between 2004 and 2013, airlines from the UAE, India, and South Korea each received more than $3 billion in Export Import authorizations, while airlines from Hong Kong, Chile, China, Ethiopia, Luxembourg (freighters), and Turkey all received $1.5-3 billion in authorizations 2004-2013. With the exception of Ethiopia, none of the countries on that list would have suffered constrained access to capital. Emirates, LAN, Turkish Airlines , Korean Air and the like would have no trouble finding reasonable commercial financing almost anywhere in the world. Even perennial financial basket case Air India would have been able to find takers given the implicit backing of the Indian government behind it....
The bottom line is that if countries are interested in increasing or developing their airlines and want to use the XM Bank that is possible until June 30th. Orders for commercial jets don't ship overnight. They have to be built and customized. If the XM Bank is not renewed there is no hardship. There is no deadline that is absolute. The bank can be reactivated anytime. The reason this is an issue for Graham is because his stated has hosted Boeing.There is a publication from Boeing stating it needs the XM Bank. (click here)
The facts are fairly straight forward, when it is convenient for Republicans to provide a pipeline of federal money they are more than willing to do it. When the American people have issues of poverty and hunger the Republicans simply can't find the money because they are too busy placing money in the pockets of Wall Street CEOs.
The Boeing plant is where the Dreamliner is built. It is a higher end jet for the market.
Boeing is even threatening to move jobs if the XM Bank is not renewed. So Lindsay Graham had a fire lit under him and now the XM Bank is a frenzied demand for the US Senate.
May 19, 2015
By Melissa Quinn
Following reports that one of the Export-Import Bank’s (click here) biggest beneficiaries would move overseas if the agency’s charter expired, the leader of the House Financial Services Committee today spoke out against the claims, calling them a “bit of bluster.”
Speaking to reporters at a press conference on the Export-Import Bank today, House Financial Services Chairman Jeb Hensarling of Texas addressed claims from Boeing that the company would be forced to move business overseas if the agency is not reauthorized....
“I doubt I believe it,” Hensarling said. “I think, frankly, it’s a bit of bluster. I also know that I have lots of small businesses in the 5th District of Texas that manage to export without the benefits of Ex-Im, and they’re pretty ticked that their tax dollars are being called upon to finance their competitors.”...
... Hensarling, whose committee has jurisdiction over the bank, stressed that roughly 98 percent of exports are financed without assistance from Ex-Im and noted that should the bank’s charter end, existing financing wouldn’t be impacted through the life of the loans and loan guarantees....
