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5 Things to Know About the Fight Over the Export-Import Bank

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A man walks out of the Export-Import Bank of the U.S., Tuesday, July 28, 2015, in Washington. The federal Export-Import Bank expired June 30 when Congress failed to renew its charter. The bank is a small federal agency that helps U.S. companies sell their products overseas, by underwriting loans to foreign customers. Conservatives oppose it as corporate welfare and are pushing to keep it dead. But late Monday the Senate voted 64-29 to add legislation reviving the bank to a sweeping highway bill being considered on the floor. (AP Photo/Jacquelyn Martin)

A man walks out of the Export-Import Bank of the U.S., Tuesday, July 28, 2015, in Washington. The federal Export-Import Bank expired June 30 when Congress failed to renew its charter. (AP Photo/Jacquelyn Martin)

ERICA WERNER, Associated Press

WASHINGTON (AP) — The federal Export-Import Bank expired June 30 when Congress failed to renew its charter. The bank is a small federal agency that helps U.S. companies sell their products overseas, by underwriting loans to foreign customers. Conservatives oppose it as corporate welfare and are pushing to keep it dead. But late Monday the Senate voted 64-29 to add legislation reviving the bank to a sweeping highway bill being considered on the floor.

Five things to know about the Export-Import Bank and its future:

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PATH AHEAD

Despite the Senate’s action on a measure to revive the bank and extend it through 2019, its future is far from assured. The House announced plans Tuesday to pass a three-month highway extension that does not include an Export-Import Bank provision — and then adjourn for the summer. That means the bank will stay shuttered at least into the fall, when Congress returns from its annual August recess.

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NOT DEAD YET

Even though the bank’s charter expired at the end of June, it remains in business to service more than $100 billion in outstanding loans and guarantees. The agency itself is funded, including employee salaries, through Sept. 30.

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DEBATE ABOUT THE BANK’S ROLE

Conservatives say the Export-Import Bank amounts to corporate welfare, pointing out that the companies that benefit include major corporations like Boeing, Caterpillar and GE which they say can support themselves without taxpayers’ help.

But supporters of the bank, including groups like the Chamber of Commerce and National Association of Manufacturers, point out that most other countries have export credit agencies, in some cases more generous than the U.S. version. Supporters say it will be harder for U.S. companies to compete overseas if their competitors are supported by the government and they aren’t.

The bank says that last year it authorized $20 billion worth of transactions which supported $27.5 billion of U.S. exports and 164,000 U.S. jobs. And it says it has a default rate of less than 1 percent.

Opponents argue that the bank mostly helps big businesses. Of the $20.5 billion in financing and insurance authorized by the bank in 2014, just over $5 billion of that was for small business exporters, according to bank officials. But if the transactions themselves are counted up, more small businesses are helped than big ones. It’s just that the amounts spent on them are smaller.

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RIFE WITH POLITICS

In past years the bank was renewed with little or no controversy and sometimes without so much as a roll-call vote. But after a tea party-infused GOP majority retook the House in 2010, conservatives began seizing on the bank as crony capitalism and a federal agency ripe for elimination, making a 2012 reauthorization vote a struggle for the first time.

Outside groups like Club for Growth and Heritage Action for America made it an issue, and this year, with Republicans in control of the Senate and a presidential campaign underway, conservatives have targeted the Export-Import Bank even more assertively.

Adding to the pressure, the billionaire GOP Koch Brothers took on the cause through their allied organizations Americans for Prosperity and Freedom Partners, pressuring GOP presidential candidates who are jockeying for the Kochs’ coveted financial backing to toe the line.

The issue provoked extraordinary GOP infighting in the Senate in recent days as presidential candidate Sen. Ted Cruz, R-Texas, accused Majority Leader Mitch McConnell, R-Ky., of lying to him about whether there was a deal to revive the bank. McConnell disputed the accusation.

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81-YEAR HISTORY

The bank was created by Franklin Delano Roosevelt in 1934, during the Great Depression. His aim was to help the U.S. “re-engage economically with the rest of the world,” according to the State Department historian. The bank was initially established to help trade with the Soviet Union, and a second version was meant to boost trade with Cuba, but the two entities were soon merged and began extending efforts around the globe.

Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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Business

OPINION: 57,000 Empty Apartments and Not a Word of Apology – City Limits

BLACKPRESSUSA NEWSWIRE — “Short-term rental income was, for many of these families, not a luxury. It was the margin between keeping the house and losing it. Local Law 18 closed that door, and the people who closed it are now waving away 57,000 empty apartments as statistical noise.”

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OPINION: 57,000 Empty Apartments and Not a Word of Apology - City Limits

Every indicator in New York City’s housing market is pointing in the wrong direction.

Rents are at historic highs. Foreclosure notices are climbing in Black and brown neighborhoods that never fully recovered from the last crisis. Deed theft, the predatory stripping of generational wealth from families who built their equity over decades, continues to devastate communities from Brownsville to Jamaica.

On top of all these factors, there were more than 57,000 rent-stabilized apartments sitting completely empty as of April last year. That number grew by 8,000 units in a single year, with the sharpest increases hitting Brooklyn and Queens hardest.

Brooklyn and Queens. My neighborhoods. Your neighborhoods.

You would think that news of 57,000 empty affordable apartments in the middle of a housing emergency would produce outrage, emergency hearings, and demands for accountability. Instead, New Yorkers got a collective shrug from opinion leaders.

Read that again: 57,000 families could be housed in those apartments. Households currently paying market rent, doubled up, couch-surfing, or one missed paycheck away from the street could have relief. And silence from the city’s housing leadership, activists, and coalitions.

In my experience as chair of the Subcommittee on Affordable Housing in the Assembly, that is not advocacy. That is surrender.

These are the same voices, the same institutions, the same political class that successfully lobbied to effectively ban short-term rentals in New York City through Local Law 18. At its peak, Airbnb had roughly 20,000 listings in New York City, nearly a third the number of apartments currently sitting vacant and padlocked in the rent-stabilized system. The campaign against those listings was relentless, loud, and wrapped in the language of affordability and housing justice.

Where is that energy now?

Where are the press conferences about landlords warehousing stabilized units while families sleep in shelters? Where is the legislation with teeth? Where is the outrage that was apparently plentiful when a Black homeowner in Bed Stuy wanted to rent out her spare bedroom to make ends meet?

Because that is exactly who Local Law 18 hit hardest. Not the corporate bad actors. Not the hedge funds. The struggling homeowner, disproportionately Black, disproportionately in Brooklyn and Queens, who used their home as a small economic engine to survive in a city that grows more expensive by the month.

Those families were told their activity was destabilizing the housing market. Those families were fined, delisted, and legislated out of a livelihood. And now we learn that 57,000 stabilized units are sitting empty while rents spiral and foreclosures mount, and the response from housing advocates is essentially: that’s just how big numbers work.

This is not sound policy. This is politics. And the communities paying the price know the difference.

I have spoken with homeowners across Central Brooklyn who are barely holding on. They bought their homes, sometimes one generation removed from the Great Migration, and they have watched the equity they built become both their greatest asset and their greatest vulnerability. Predatory lenders, deed theft schemes, and rising property taxes all circle that equity like wolves.

Short-term rental income was, for many of these families, not a luxury. It was the margin between keeping the house and losing it. Local Law 18 closed that door, and the people who closed it are now waving away 57,000 empty apartments as statistical noise.

Everyone in this fight knows what needs to happen but will not say it out loud: Local Law 18 needs reform. Common sense reform. The kind that distinguishes between an investor running a ghost hotel and a homeowner renting a room. The kind that actually targets bad actors instead of penalizing the most economically vulnerable property owners in the city.

I hear it in private conversations with elected officials, with housing attorneys, with planners. The consensus is there. The political will is not, because the same advocacy groups and political donors who pushed the original law are still in the room, and nobody wants to take their call.

What this moment requires is courage, not calculation.

Every month that passes with 57,000 empty stabilized apartments is a month of families in crisis, of shelter costs ballooning, of neighborhoods destabilizing. Every month that Local Law 18 remains unreformed is another month a Black homeowner in Flatbush or Hollis faces impossible choices that wealthier New Yorkers simply never have to make.

You cannot ban the small and ignore the large. You cannot mobilize armies of lobbyists against a homeowner’s spare bedroom while shrugging at tens of thousands of warehoused affordable units. You cannot claim to stand for housing justice and then tell 57,000 families worth of empty apartments that the math just works out this way.

The hypocrisy has to stop. Politics have to give way to people. And the officials and advocates who have the power to fix this, who know what needs to be done, have to decide which side they are actually on.

Because from where I stand, in the communities I have served for decades, it is very clear who is being left out in the cold.

Dr. Annette Robinson is a former member of both the State Assembly and City Council in Brooklyn.



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Black History

NABJ Convention Brings Black Journalists, Civic Leaders Together in Atlanta

Among the conference’s most closely watched sessions was Thursday’s Newsmaker Plenary, where House Democratic Leader Hakeem Jeffries discussed the national political climate with NABJ President Errin Haines. Journalist Joy-Ann Reid later led a fireside conversation with legal scholar Kimberlé Crenshaw, creator of the term “intersectionality,” and Pulitzer Prize-winning journalist Nikole Hannah-Jones, author of the 1619 Project.

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Civil Rights Attorney Ben Crump (left), House Majority Leader Hakeem Jeffries (middle), Rev. Al Sharpton (right) stand at the NABJ conference in Atlanta on Aug. 13 with Elmore and Christine Wonsley, the parents of Nolan Wells, a Black 18-year-old who died July 4th weekend in Mississippi

ATLANTA—The 52nd National Association of Black Journalists conference brought thousands of journalists, students, media executives and civic leaders to Atlanta Aug. 12-16 for its 2026 Convention and Career Fair, a five-day gathering centered on the theme “Our Revolution: Truth, Power and Black Journalism.”

Among the conference’s most closely watched sessions was Thursday’s Newsmaker Plenary, where House Democratic Leader Hakeem Jeffries discussed the national political climate with NABJ President Errin Haines. Journalist Joy-Ann Reid later led a fireside conversation with legal scholar Kimberlé Crenshaw, creator of the term “intersectionality,” and Pulitzer Prize-winning journalist Nikole Hannah-Jones, author of the 1619 Project.

The plenary also turned toward grief, accountability and justice as the parents of 18-year-old Nolan Wells, Christine Wells-Wonsley and Elmore Wonsley, appeared with civil rights attorney Ben Crump and the Rev. Al Sharpton. Crump was also the attorney for Trayvon Martin’s, Michael Brown’s, and Tamir Rice’s families. Moderated by journalist Tiffany Cross, the Wells family’s appearance focused on unanswered questions surrounding Nolan’s July death in Mississippi and calls for a federal review.

Reid and journalist Don Lemon also joined a separate discussion with Cross, columnist Michael Harriot and journalist Chandra Whitfield about career disruption, resilience and building independent platforms as Black journalists face layoffs and wider media industry upheaval.

Across generations, attendees exchanged ideas about sustaining careers and serving Black communities.

The gathering reflected NABJ’s long-standing role as both professional home and public forum for Black journalists. For Black-owned legacy newspapers, including ours, the Atlanta convention reinforced a familiar mandate: defend truth, elevate Black voices and connect national debates over politics, justice and media power to the communities most affected.

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$5 Billion Coliseum Vision Puts Oakland Jobs, Businesses at Center

Reynolds said Black and Brown contractors have historically lacked the bonding, insurance, equipment and staffing required to compete for large contracts because they were denied opportunities to expand.

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At SpringHill Suites by Marriott Oakland Airport, AASEG President Ray Bobbitt with Loop Capital Vice President Al Dinwiddie, OAACC President Cathy Adams, and Loop Capital President James “Jim” Reynolds, Jr. Photo by Carla Thomas.

OAKLAND – A sweeping, multiphase redevelopment of the Oakland Coliseum site led by Ray Bobbitt, president of the African American Sports and Entertainment Group (AASEG), and businessman James “Jim” Reynolds Jr., could eventually attract between $3 billion and $5 billion in investment.

Reynolds said the first phase, estimated at $1 billion to $1.5 billion, could include housing, hotels, restaurants, entertainment venues, open space and opportunities for local small businesses.

“We are going to transform the entire area with housing, hotels, with an infrastructure that benefits the community,” Reynolds said.

He also wants to attract major entertainment partners and position Oakland to compete with venues in San Francisco and San Jose. Reynolds said the city already possesses natural assets that other cities spend fortunes trying to create.

“One of the most naturally beautiful cities I’ve ever been to,” he said. “In Oakland, if you do nothing, it’s beautiful naturally: lakes, the mountains, the scenery, the open space, the weather.”

Reynolds’ vision, however, extends beyond buildings and entertainment. He is also focused on which businesses receive contracts and which residents benefit from the jobs and economic opportunities the project creates.

Reynolds said Black and Brown contractors have historically lacked the bonding, insurance, equipment and staffing required to compete for large contracts because they were denied opportunities to expand.

“Why would you build a big business when you know no one was going to hire you to do the job?” Reynolds asked.

He recalled working with longtime business partner Earvin “Magic” Johnson to encourage minority-owned firms to compete for larger contracts. About 1,000 businesses attended one outreach event after receiving assurances that opportunities to serve as prime contractors were real.

Reynolds wants to bring the same approach to Oakland.

“I don’t need goals and set-asides to figure out how to give Black companies a chance to be a prime,” he said.

He also wants Black businesses to move beyond seeking only small portions of projects or subcontracting roles.

At SpringHill Suites by Marriott Oakland Airport, Post News Group Publisher Paul Cobb, OAACC President Cathy Adams, and Loop Capital President James "Jim" Reynolds, Jr. Photo by Carla Thomas.
At SpringHill Suites by Marriott Oakland Airport, Post News Group Publisher Paul Cobb, OAACC President Cathy Adams, and Loop Capital President James “Jim” Reynolds, Jr. Photo by Carla Thomas.

“When we run the concessions, we pick who has a concession,” Reynolds said, citing partnerships involving Johnson, LL Cool J and Stephen A. Smith.

The same principle should apply to construction, entrepreneurship and workforce development, he said.

“Job training and opportunities to have Blacks lead something like this matter,” Reynolds said.

Reynolds also wants young Oakland residents connected to the jobs and career pathways created by the redevelopment.

“They’re going to have jobs, job training, and opportunities to work,” Reynolds said.

He rejects assumptions that Black youth and Black-owned companies cannot manage major responsibilities.

“I’m not going to sit here like others who have been in positions like this and doubt that Black people can do certain things,” Reynolds said.

For Reynolds and Bobbitt, the Coliseum redevelopment is an opportunity to create more than a replacement for the professional sports teams Oakland lost. Bobbitt contributes deep Oakland roots, community relationships and years of persistence, while Reynolds brings capital-market experience, global business relationships and a record of structuring enormous transactions.

Together, they envision a destination that attracts visitors while creating jobs, businesses and ownership opportunities for Oakland residents.

“Thank you, Jim, for believing in Oakland and investing,” Bobbitt said.

CEO of the Oakland African American Chamber of Commerce Cathy Adams, who wrote a letter of support for AASEG at a time when many doubted the feasibility of their goals, said the Coliseum area development plan will become the example of how Black-owned businesses and contractors can help close the disparity gap in Oakland.

Next week, Part 2: Len Turner and local business owners can benefit.

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