Export-import Bank reapproved

Measure backed by Democrats and business lobbies.

President

WASHINGTON — Barack Obama has signed into law a bill reauthorizing the Export-Import Bank, saying the rare example of bipartisan cooperation should be a model for future legislation.

Reauthorizing the bank, which helps U.S. exporters compete with foreign companies, was a relatively easy lift for this perpetually deadlocked Congress.

While it was a point of contention within the Republican Party, it enjoyed solid support among Democrats, not to mention powerful parts of the business lobby.

Democrats and Republicans eventually came together to overcome objections from Tea Party conservatives, who argue that the bank meddles in the free market to the advantage of some companies and disadvantage of others.

Some have dubbed it the “Bank of Boeing” because it has helped foreign airlines buy Boeing aircraft, which they use to compete with domestic carriers.

Obama made a public push for the bank in March, using a Boeing plant as a backdrop.

On Wednesday, Obama jumped on the rare legislative victory to revive his economic message.

“America can either settle for an economy where just a few are doing well and a lot of folks are struggling to get by. Or we can build the kind of economy where everybody is getting a fair shot and everybody is doing their fair share, and everybody is playing by the same rules,” the president said.