TRADE: Curbing Ex-lm

For most of its 40 years, the Export-Import Bank has enjoyed a quiet, effective and even profitable existence. Started in 1934 by President Franklin D. Roosevelt to finance American trade with the Soviet Union, which the U.S. had just recognized, the bank was soon authorized by Congress to grant credits to other countries so that they could buy more U.S. goods and services. By using its $20 billion lending authority to extend credit to countries and companies on which commercial banks would not take a risk, Ex-lm has helped expand U.S. exports. It facilitated a record $10.5 billion...

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