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Politics

King Pushes For Re-Authorization For Export-Import Bank

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J. Scott Applewhite
/
AP File

A continuing resolution to keep the federal government operating until November 21 includes a temporary authorization for the Export-Import bank.

Independent U.S. Sen. Angus King is pushing for a permanent re-authorization because of what he says is the banks importance to small business.

King says the credit and other financial services offered by the Export-Import bank are critical to their efforts to establish foreign markets for their products.

“We’re shooting ourselves in the foot by not getting that reauthorized and getting a full quorum on the board so it can go forward and act,” he says.

King says he’s heard from several small Maine companies that the bank has been crucial to their export efforts, and he hopes Congress will pass separate legislation to keep the bank operating. King says it’s one of the few federal programs that pays for itself and actually makes money for the treasury.