SIOUX FALLS, S.D. (AP) – Sen. Tim Johnson is praising the Senate’s passage of legislation to renew the charter of the Export-Import Bank.
The bill reauthorizes the bank for three years and raises its lending cap from the current $100 billion to $140 billion.
Johnson, who chairs the Senate Banking Committee, says the higher lending authority will ensure the Export-Import Bank can grow to meet the future needs of American exporters.
The South Dakota senator calls the bill an important step in supporting American businesses and workers.
Johnson says a failure to reauthorize the bank would have put American exporters at a steep disadvantage to their international competitors and put at risk nearly 300,000 American jobs.
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