Senate Extends Export-Import Bank 3 Years, Sets 2014 Lending Limit At $140B

The Senate voted to extend the Export-Import Bank’s operating authority for three years and increase its lending capacity 40 percent to $140 billion by fiscal year 2014, Bloomberg reports.

The bank serves as the U.S. government’s official export credit agency, where it finances and insures international purchases of U.S. goods to the tune of $100 billion per year.

According to a bank fact sheet, it financed $11 billion in sales of Boeing-made aircraft.

Under a bipartisan compromise, approved 78-20 in the full chamber, the lending limit will go up to $120 billion this year, $130 billion in 2013 and reach $140 billion by the end of fiscal 2014.

President Franklin D. Roosevelt authorized the bank in 1934 through an executive order.

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