Months after its charter expired, the federal Export-Import Bank has been revived, the Los Angeles Times reports.
Congress voted to extend the bank’s charter through 2019; the measure was included as part of a highway spending bill. President Obama is expected to approve the measure.
Supporters of the bank had argued it helps companies sell their products abroad and keeps American companies competitive with foreign ones. Opponents argued it primarily helps big businesses at the expense of smaller ones, and it is an example of crony capitalism.
The reopening of the bank could have an impact on the ports of Los Angeles and Long Beach.