The U.S. Senate approved legislation yesterday to reauthorize the Export-Import Bank, bringing to conclusion a dispute in Congress driven by the airline industry’s opposition to export financing of Boeing long-range aircraft purchased by competing foreign carriers. The Export-Import Act of 2012 (H.R.2072) was approved a week earlier by the House and is expected to be signed by President Obama. The bill extends the bank’s charter through 2014 and increases its lending authority by $40 billion, to $140 billion.
GAMA applauded the latest congressional milestone. “The Export-Import Bank’s continued lending authority is great news for thousands of general aviation manufacturing workers and businesses of all sizes,” said GAMA president and CEO Pete Bunce. “Reauthorization ends a period of great uncertainty for our industry’s manufacturers, who have come to rely increasingly upon Export-Import Bank financing over the past several years.”
On Monday at EBACE in Geneva, Ex-Im Bank president Fred Hochberg announced a new process to expedite the bank’s financing of transactions involving U.S.-made business aircraft and helicopters. He also announced a new $350 million loan guarantee to support Textron in exporting Cessna airplanes and Bell helicopters.