October 21st, 2015
For nearly two decades, Karl Brown has relied on the Export-Import Bank to help him and his clients export food products overseas. Brown relies on the Export-Import Bank to provide export insurance. While his policy doesn't expire until May, he's working with another company in Chicago whose policy ran out last month. He said that company is having trouble exporting marshmallows to Denmark, because its export partner has been unable to obtain commercial insurance despite having a strong financial track record. "The Export-Import Bank was willing to insure them," Brown said. "But the commercial insurance company would not. We have a real dilemma."
Reviving the Export-Import Bank, the U.S.-backed export financing agency allowed by Congress to expire over the summer, is emerging as one of the key issues in the choice of a new Speaker of the House. U.S. Sen. Bob Casey is urging fellow legislators to support the revival of the bank, which supporters say providers critical financing to businesses that wish to export goods overseas. U.S. Sen. Pat Toomey does not support its reauthorization, while Congressman Mike Fitzpatrick does.
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