BUSINESS NEWSJANUARY 19, 202112:41 PMUPDATED 3 DAYS AGODeparting EXIM chief urges Biden team to counter Chinese lending dominance
WASHINGTON (Reuters) - The head of the Export-Import Bank of the United States (EXIM) on Monday urged the Biden administration to keep pushing to neutralize Chinese export subsidies and help U.S. companies compete, building on gains made under Donald Trump.Chairman Kimberly Reed, a political appointee who will leave her job on Wednesday after 20 months in office, told Reuters she was confident that restoration of the bank’s full lending powers had strengthened the competitiveness of U.S. companies and helped level the playing field, but more work was needed.
Republicans in Congress tried to shutter the institution in 2015, arguing that it was “corporate welfare” for big exporters such as Boeing, General Electric and Caterpillar.
They kept EXIM from financing major projects such as power plants and commercial aircraft for four years by blocking board nominations until Trump reversed his previous opposition to the Bank and supported it, working with Democrats in Congress.
At the end of 2019, EXIM had secured a seven-year reauthorization, the longest in its 87-year history, as part of a spending bill that won strong bipartisan support.
https://www.reuters.com/article/us-usa-trade-exim/departing-exim-chief-urges-biden-team-to-counter-chinese-lending-dominance-idUSKBN29O03A
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