Congress has gone home for its holiday recess without reauthorizing the Export-Import Bank. That means the bank must stop doing business after today, and it represents a blow to Boeing and other companies that rely on big-ticket exports.
Opposition to the bank, which helps finance U.S. companies’ overseas sales, comes from conservative Republicans, who oppose the bank on ideological grounds.
The Ex-Im Bank is sometimes called “the Boeing bank,” because more than half of its transactions involve Boeing aircraft. The lapse in the bank’s charter could hinder Boeing’s ability to compete against France-based rival Airbus.
The loss of the bank puts the U.S. in a minority among nations of its profile, because most countries that are big exporters have some mechanism for their government to guarantee loans.