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Winston-Salem Journal: Business Briefs: Senate votes in favor of Export-Import Bank
Wednesday, May 16, 2012
The U.S. Senate voted Tuesday to reauthorize the Export-Import Bank after rejecting efforts by conservatives to weaken or abolish the government's vehicle for financing American export sales.
The Senate action to renew the charter of the independent federal agency for three years and increase its lending cap by $40 billion to $140 billion sends the legislation to President Barack Obama, who has praised the bank for contributing to his job-promoting goal of doubling exports.
Reauthorizing the 78-year-old bank is usually a routine matter, but it got caught up this year in a battle between two Republican allies - business groups that say Export-Import financing is critical to export sales and anti-big-government conservative groups that say the bank distorts markets and should be eliminated.
U.S. Sen. Kay Hagan, D-N.C., said the reauthorization was crucial to North Carolina exports considering the bank's efforts supported more than 3,300 jobs and $456 million in exports in 2011. That includes $121.3 million involving 36 Triad companies.
"I am also pleased that the reauthorization includes my provision to give the textile industry a seat at the table by adding a textile industry representative to the bank's advisory council," Hagan said.