Skip to comments.Obama Perverts Ex-Im Bank into Competitor for Domestic Banks
Posted on 02/18/2012 5:47:55 PM PST by 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
(Excerpt) Read more at americanthinker.com ...
Der Fuhrer doesn’t give a rats ass about minor sh*t like that!
Hope and Change... Tragic.
Gee, I wonder who will be on the receiving end of these loans? The plundering of Amerika continues.