Business

US Export-Import Bank Chair Makes Case For Saving His Agency

N6700
Delta Air Lines Boeing 757-200
Hartsfield-Jackson Atlanta International Airport
N6700 Delta Air Lines Boeing 757-200 Hartsfield-Jackson Atlanta International Airport
Credit Daniel Betts / flickr.com/redlegsfan21

Export-Import Bank Chairman Fred Hochberg said on ''A Closer Look'' he fully expects Congress to reauthorize the federal agency by the July deadline. Hochberg explained why in an interview with Rose Scott and Denis O'Hayer.

Buying a U.S.-made jet engine in a European country isn’t easy.

That’s one reason the little-known U.S. Export-Import Bank exists. The Export-Import Bank is a federal agency that helps American businesses sell their products abroad by providing loans to foreign businesses. If a foreign airline wants to buy expensive jet engines from a U.S. company, for example, the Export-Import Bank helps it out by providing it with the capital it needs, and even insurance on the shipment, in case something goes wrong.  

But now some U.S. businesses, such as Atlanta-based Delta Airlines, are lobbying against reauthorization of the bank. Congress must renew the bank’s authorization by July or the federal agency will close down.

Delta officials contend some of the agency’s loans help foreign competitors save money on their purchases and that those competitors then use the savings to compete unfairly with domestic companies like Delta. 

Congress must renew the bank’s authorization by July, or the federal agency will be forced to close down.

Export-Import Bank Chairman Fred Hochberg made his case for saving the bank to Rose Scott and Denis O’Hayer on ”A Closer Look.”