Ex-Im Bank Can’t Back New U.S. Exports as Charter Lapses
The House and Senate are on an Independence Day recess and won’t return until next week, making it inevitable there will be at least a short gap in the bank’s ability to approve applications for financing.
The U.S. Capitol is illuminated at dusk, May 31, 2015 in Washington, DC.
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U.S. exporters, including Boeing Co. and General Electric Co., won’t be able to obtain new financing for overseas deals from the U.S. Export-Import Bank starting Wednesday.
The situation may be temporary as Congress, which left town last week for a week-long recess without preventing the lapse in the bank’s charter, may consider reauthorizing Ex-Im in July. The 81-year-old institution provides financing arrangements that help U.S. companies compete for overseas sales.