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Export-Import Bank

U.S. Rep. Dan Kildee, D-Flint.
Steve Carmody / Michigan Radio

This week, a bipartisan group of House members is  joining forces in an attempt to revive the Export-Import Bank.

The Ex-Im Bank, as it’s known, is a federal agency that finances exports. It’s been around for 80 years, but stopped doing business July 1, after House leaders let its charter lapse.

Among the lawmakers trying to get the bank up and running again is Michigan Congressman Dan Kildee, D-Flint.

Steve Carmody / Michigan Radio

Michigan businesses are taking part in a new push to resurrect a federal agency that helped American companies do business overseas.

The Export Import Bank of the United States was created under President Franklin Roosevelt. It has been the official export credit agency of the U.S. government. Its purpose is to provide financing and insuring foreign purchases of U.S. goods for customers unable or unwilling to accept the credit risk. 

Sen. Gary Peters and Cynthia Canty in the Stateside studio
Amber Moon

Sen. Gary Peters, D-MI, has often reached out through the phone line to talk with us here on Stateside, but today he joined us in-studio to discuss petroleum coke, the Iran nuclear deal, the Export-Import Bank of the United States, and life as the only Democratic freshman in the U.S. Senate.

Lindsey Smith / Michigan Radio

Starting today, the Export-Import Bank can't offer new loans to foreign customers.

The bank helps American companies sell their goods overseas when regular banks won’t take on the risk. Congress did not reauthorize the 80-year-old bank before leaving for the Fourth of July recess, allowing it to expire.