President Barack Obama signed off on a $305 billion transportation funding bill Dec. 4 that also renewed Export-Import Bank of the United States.
The legislation, which renews the Ex-Im Bank”™s charter through Sept. 30, 2019, was voted in favor of overwhelmingly by both parties in both chambers of Congress on Dec. 3.
The 81-year-old credit agency expired for the first time in its history in June after the House of Representatives failed to vote on a bill that would have renewed its charter. For more than five months, the agency, which helps U.S. companies decrease risk with overseas business transactions, has not been able to process applications or take on new business.
Data on the Ex-Im Bank”™s website showed that since 2007 around 30 businesses in Westchester and Rockland counties have used the agency, exporting about $820 million worth of goods during that time.
