Obama Perverts Ex-Im Bank into Competitor for Domestic Banks

Acting without any legal authority, President Obama has overridden the federal charter of the Export-Import Bank, and turned it into a competitor for domestic loan business, in utter defiance of the law.  Hardly anyone has noticed or seems to care. Speaking at a Boeing assembly plant in Everett, Washington Friday, President Barack Obama announced a bold new plan to help American exporters:  he would broaden the services of the Ex-Im Bank to help grow our exports. Now, that sounds good on the face of it.  The Ex-Im Bank is chartered as an export-funding source with a very narrow, specific charter.  It exists in an odd area of commerce that requires some background.  When a US manufacturer wants to sell to a foreign country, the local banking regulations and currency controls of that destination government sometimes make it difficult or impossible for the buyer to pay a US vendor promptly.  Local interest rates may be too high; the local banks may be...(Read Full Article)

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