President Obama signed legislation that renewed the charter for Export-Import Bank. The president applauded the government bank as a critical entity that nurtured U.S. exports.
Obama delivered the message while attending the annual conference for the Export-Import Bank in Washington, D.C. where he delivered a speech.
The president tied the signing into a campaign message that urged Congress to build a stronger middle class by signing legislation that the administration favors.
The bank, also known as the Ex-Im Bank, helps foreign buyers buy U.S. products by extending them favorable low-interest loans that are backed by the U.S. government. This legislation raises the borrowing limit to $120 billion. That amount will grow to $140 billion. The Ex-Im Bank charter would have ended Thursday.
Some Republicans objected to renewing the charter, stating that the Ex-Im Bank loan program alters the free market exchange.
Both parties in Congress got together and finally approved the legislation, inspiring the president to state that Congress can be bipartisan and work together to get the job done.
“I’m glad Congress got this done,” the president stated during a ceremony to authorize the Ex-Im Bank charter. He expressed gratitude to both political parties and urged Congress to accomplish more in this partisan political season.
Obama drew attention to reports of manufacturing upticks as an important part of economic recovery in the U.S. Obama has visited several factories to push his campaign message of job growth. He emphasized that as businesses sell more goods and services to other nations that more jobs will be created in the U.S.
He urged Congress to pass what he called his “to-do list.” The list includes tax breaks to companies that repatriate jobs back to the U.S., a veteran’s job bank and refinancing homeowner mortgages with low-interest loans.
“We shouldn’t have to wait until the election to do some of this business,” Obama said.
Read more at the Washington Post.