US Senate moves to revive export credit agency

  • 2/5/2023
  • 20:21
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Washington, Shawwal 11, 1436, July 27, 2015, SPA -- The US Senate advanced legislation Sunday to reauthorize the United States' export credit agency after allowing the Export-Import Bank to expire last month, according to dpa. The upper chamber of the US Congress voted 67-26 to end debate on a measure to reauthorize the bank and will vote later this week to include the measure in a separate package of legislation that is expected to easily clear the Senate. The Export-Import Bank, which helps to finance sales of US exports to foreign buyers, is seen by business interests as a key tool for US companies seeking to sell goods abroad, but has come under fire from many conservatives who view it as corporate welfare for big business. If the measure gains final approval from the Senate, its fate would be uncertain in the lower House of Representatives, where many Republican leaders have been among the Export-Import Bank's harshest critics. The agency's authorization had expired at the end of last month and it had ceased conducting new transactions. --SPA 02:22 LOCAL TIME 23:22 GMT www.spa.gov.sa/w

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