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.
But overtime, the Ex-Im Bank has drawn the ire of critics who see it as “corporate welfare.” Last month, Congress did not act to renew the bank’s charter.
