Little Used House Procedure Saves the Ex-Im Bank -

Who would have guessed that congressional supporters of the Export-Import Bank (Ex-Im) would have used a House procedure established over 100 years ago, and not used successfully since 2002, to save the Ex-Im Bank?

The Bank, established in 1934, is often referred to as “the Bank of last resort.” It provides financing and loan guarantees as well as critically needed political risk insurance to foreign buyers who otherwise might not be able to finance imports of U.S. products. Every developed nation has some type of export credit agency, or “ECA”, as they are commonly known. Often, companies like Boeing, Caterpillar, and General Electric are cited as Ex-Im’s primary customers, but the majority of its deals involve small businesses, either for their direct exports or because they are suppliers to the large U.S. companies who do the exporting.