US Exim reauthorisation goes to President

Washington DC
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The US Senate passed the House bill reauthorising the US Export-Import Bank yesterday, allowing the legislation to go to President Barack Obama to be signed into law.

The bill extends the bank's charter to September 2014 from the end of this month and increases its total balance sheet exposure to $140 billion from $100 billion.

The export credit agency provides a significant amount of debt financing to foreign airlines for aircraft purchases from Boeing. It authorised $12.6 billion in aircraft and avionics loans and loan guarantees during the 2011 fiscal year.

Republican senators from South Carolina, where Boeing opened a second final assembly line for the 787 in 2011, were instrumental in generating support within their party for the measure, according to reports.

The measure has been delayed due to partisan debate for months.