Obama Perverts Ex-Im Bank into Competitor for Domestic Banks

American Thinker ^ | Feb 18, 2012 A.D. | John F. Di Leo

[jfd1776]

Acting without any legal authority, President Obama has overridden the federal charter of the Export-Import Bank, and turned it into a competitor for domestic loan business, in utter defiance of the law. Hardly anyone has noticed or seems to care.

Speaking at a Boeing assembly plant in Everett, Washington Friday, President Barack Obama announced a bold new plan to help American exporters: he would broaden the services of the Ex-Im Bank to help grow our exports.

Now, that sounds good on the face of it. The Ex-Im Bank is chartered as an export-funding source with a very narrow, specific charter. It exists in an odd area of commerce that requires some background.

When a US manufacturer wants to sell to a foreign country, the local banking regulations and currency controls of that destination government sometimes make it difficult or impossible for the buyer to pay a US vendor promptly. Local interest rates may be too high; the local banks may be untrustworthy or otherwise unable to cooperate smoothly with a US bank; the destination country may simply have rules that only allow payments occasionally, so the timing of the shipment may cause the customer to be unable to pay for a year or two, or ever.

Continue reading at http://www.americanthinker.com/2012/02/obama_perverts_ex-im_bank_into_competitor_for_domestic_banks.html

[jfd1776]

On Friday, Barack Obama called for yet another utterly unconstitutional act: for the Ex-Im Bank - which exists entirely to support export sales of US-made goods - to go into competition with the private domestic banking sector for domestic activity! In total disregard of the bank's charter!

[mongo141]

Der Fuhrer doesn’t give a rats ass about minor sh*t like that!

[SunkenCiv]

Thanks jfd1776.

[BobP]

Der Fuhrer doesn’t give a rats ass about minor sh*t like that!

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Obama can only be described as ''pure evil.''

Hope and Change... Tragic.

[Major Matt Mason]

He has also announced that he will order the Ex-Im Bank to begin making short-term financing loans of six to twelve months -- not necessarily connected to any export sales! -- to small domestic firms who want to increase their exporting activity.

Gee, I wonder who will be on the receiving end of these loans? The plundering of Amerika continues.