Obama: Renewing Ex-Im a ‘no-brainer’ for Congress

by Jordan Fabian - 07/22/15 4:44 PM ET

President Obama on Wednesday called on Congress to reauthorize the Export-Import Bank, arguing its charter’s lapse has hurt American businesses big and small.

“We can’t have American workers losing jobs because Congress doesn’t act or because of some ideological arguments that don’t make any sense [and] don’t match up with the facts,” Obama said during a meeting in the Roosevelt Room with small-business owners affected by the bank’s expiration.

{mosads}Obama added it was a “shame” Congress allowed the bank’s charter to expire and said “it’s a no-brainer” to renew it.

The White House is ramping up pressure on Congress to renew Ex-Im before lawmakers leave for their August recess.

The bank, which provides loan guarantees to businesses shipping their goods to overseas markets, lost its charter on June 30 due to congressional inaction.

Conservative members of the House and Senate want to eliminate the bank, calling it a form of “corporate welfare.” General Electric, Boeing and Caterpillar have received almost 90 percent of the bank’s loan guarantees.

But the White House sought to undermine that argument by meeting with small-business owners who benefit from the bank. Obama is backed by a coalition of Democrats, business groups and some Republican allies in Congress.

Obama dismissed the notion that the bank is a giveaway to big corporations, saying it “makes money for the U.S. government.”

And he argued the bank’s lapse would put it the U.S. at a disadvantage because other countries have similar agencies that help their exporters.

The White House on Wednesday said it is urging the senators to include a measure renewing the bank on a must-pass bill to fund highway and transit projects.

“As this legislation gets put together, we certainly would like to see and would insist upon the inclusion of the reauthorization of the Export-Import Bank,” press secretary Josh Earnest said.

Tags Ex-Im Bank