Export-Import Bank’s future up to Congress

Global Business

Washington is deciding the fate of the 80 year old Export-Import Bank.

It’s the official export credit agency of the U.S. government, providing funds for deals that commercial lenders aren’t willing to extend. Those deals include financing sales of U.S. exports to foreign buyers.

Now some members of Congress say they don’t want to renew the bank’s charter.

As Chris Casquejo reports, they claim the bank amounts to a welfare program for the world’s biggest corporations.

Export-Import Bank in dispute in Congress

Washington is deciding the fate of the 80 year old Export-Import Bank. It's the official export credit agency of the U.S. government, providing funds for deals that commercial lenders aren't willing to extend. Those deals include financing sales of U-S exports to foreign buyers. Now some members of Congress say they don't want to renew the bank's charter. As Chris Casquejo reports, they claim the bank amounts to a welfare program for the world's biggest corporations.