President Obama did not discuss the Export-Import Bank in his State of the Union address Tuesday night, although the bank faces a June expiration of its charter.
Obama has called the bank “critical” to U.S. businesses. Ex-Im is the official export credit agency of the U.S., aiding businesses in financing exports through loans, loan guarantees and insurance.
It has come under fire in recent years from conservative Republicans who say it is corporate welfare, benefiting a handful of companies such as Boeing while placing taxpayers at risk. That criticism is one that Obama also voiced before becoming president.
Renewing Ex-Im’s charter and avoiding major overhauls to its business model is a top priority for many business groups, but it went unmentioned Tuesday night despite the looming congressional battle.
Obama did, however, speak about the need to boost exports through trade deals.
“Twenty-first century businesses, including small businesses, need to sell more American products overseas,” Obama said, asking Congress to grant him trade promotion authority to negotiate deals unilaterally.
