Congress is moving forward a federal fund that offers low interest loans to countries to buy U.S. exports. The state’s congressional delegation has a wide range of opinions about the bill.
The U.S. House Wednesday passed a bill to fund the Export-Import Bank for three years and to raise its lending cap to $140 billion. The bank was set to expire at the end of this month.
Two South Carolina congressmen voted against it: Rep. Jeff Duncan (R-3rd District) and Rep. Mick Mulvaney (R-5th District). See roll call vote.
It now goes to the Senate, where one of its biggest proponents, Senator Lindsey Graham, says he is certain it will pass.
However, South Carolina’s other Senator, Jim DeMint, wants to de-fund the bank, calling it corporate welfare.
Some of South Carolina’s major manufacturers enjoy the benefits of their sales being secured by this federal bank.
Governor Nikki Haley said Tuesday that exports from South Carolina went up 21 percent in 2011.
Boeing Commercial Airplanes CEO says that without the bank, the company would not be able to compete with other countries who have at least one Export-Import bank.
Airlines, however, say the bank benefits end-users from other countries, who can charge cheaper rates because their overhead is lower.