Senate Dems tryto keep Export-Import Bank alive
WASHINGTON — Senate Democrats sought to rescue the U.S. Export-Import Bank on Tuesday, insisting it would save American jobs.
Senate Majority Leader Harry Reid, a Democrat, scheduled meetings with other lawmakers. The 80-year-old bank will be forced to close unless Congress acts to renew its charter by Sept. 30.
Ex-Im offers financing to foreign buyers of U.S. goods, providing loan guarantees and insurance to local exporters, as well as credit to purchasers abroad of U.S. exports.
Neither the House nor the Senate has acted, and an August recess is nearing. Many Republican conservatives in both chambers oppose it. Some decry it as “corporate welfare,” a government effort to pick winners and losers in the private sector.
In 2013, the bank's loans were behind $37.4 billion of exports and 205,000 U.S. jobs, benefiting the likes of aerospace giant Boeing and heavy equipment manufacturers such as General Electric and Caterpillar.
Sen. Joe Manchin, a Democrat from coal-producing West Virginia, said he would meet Reid and other Senate Democratic leaders late on Tuesday to discuss Manchin's proposal to reauthorize the bank for five years while including a provision expanding the number of countries where Ex-Im can finance coal-fired power plants.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- White House ricochets in nonprofits’ birth control coverage fray
- Mudslides plague Washington state after wildfire strips hillsides
- Hackers hit 25,000 government workers
- Retailers warned about software
- NASA expected to hire private rocket
- Ferguson residents fear return of rioting, looting
- Kentucky firefighters recovering from ice stunt shocks
- Charities reconsider fundraising activities
- U.S. could have done better, says brother of slain journalist
- His murder-arson conviction overturned, man walks free 24 years later
- Search for emergency shelters dropped as influx of immigrant children slows