Obama Signs Export-Import Bank Reauthorization, Lending To Rise

President Obama has signed legislation to reauthorize the Export-Import Bank and raise its lending authority in order to increase U.S. exports and jobs, Bloomberg reports.

Obama signed the bill Wednesday following Senate approval through a 78-20 vote on May 25 and a 330-93 House vote on May 9.

The measure raises the lending authority 40 percent to $140 billion by 2014, the report notes.

Lending limits for the bank will raise in steps, the report said.

This year the rate will increase to $120 billion, followed by an increase to $130 billion in 2013 and $140 billion by the end of fiscal 2014.

According to the report, Obama aims to double U.S. exports to $3.14 trillion a year by the end of 2014 from the $1.57 trillion in 2009.

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