Business

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

Published

9 years ago

July 28, 2015

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.

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Black History

Emeline King: A Trailblazer in the Automotive Industry

Emeline King is recognized as the first African American female transportation designer at the Ford Motor Company. Let’s take a look at her life and career at the Ford Motor Company.

Published

22 hours ago

November 26, 2024

Oakland Post

Transportation designer Emeline King. Photo courtesy of Emeline King.

By Tamara Shiloh

Emeline King is recognized as the first African American female transportation designer at the Ford Motor Company.

Let’s take a look at her life and career at the Ford Motor Company.

King’s fascination with cars began during her childhood. Growing up, she was captivated by the sleek designs and mechanical complexities of automobiles. She loved playing with toy cars and considered it an insult if anyone gave her a doll.

King pursued her interest in cars by studying at the ArtCenter College of Design in Pasadena. There, she improved her skills in transportation design, gaining the technical expertise and artistic vision she needed to break into the male-dominated industry.

However, her true inspiration came from her father, Earnest O. King, Sr., who worked for Ford as a Fabrication Specialist. She remembered the father-daughter trips to the auto shows, and the Saturday mornings with the famous Black sculptor, Oscar Graves, who her father assisted in some of his commissioned art works.

She said Graves would mentor her in clay relief sculptures. She was always fascinated by the smell of clay that was a constant in his studio.

However, it was her ﬁrst visit to her father’s job that became the catalyst for King to want a career in transportation design. At the company’s annual employee Christmas parties, she got the chance to meet his co-workers and learned about the roles they played in the auto industry. It was a chance to see some great cars, too.

Her career at Ford began in the 1980s, when women — particularly women of color –were scarcely represented in the automotive industry. King’s role at Ford was groundbreaking, as she became the first African American woman to work as a transportation designer at the company.

At Ford Design, she worked on the Ford Mustang SN-95’s interior. She also made several design contributions on other vehicles, too, including the interior components of the 1989 Thunderbird, the 1989 Corporate Steering Wheel, the 1989 Thunderbird Wheel/Wheel cover design program, the 1990 Thunderbird Super Coupe, the 1993 Mach III, the 1994 Mustang, to name a few.

King also served three foreign assignments: Turin Italy; Koln, Germany; and Brentwood, Essex, England — designing Ford cars for Europe.

Leaving Ford after about 25 years of service and along with her many speaking engagements, she wrote an autobiography about being Ford’s first female African American transportation designer titled, “What Do You Mean A Black Girl Can’t Design Cars? She Did It!”

She’s quoted as saying, “I’m now so proud to have written a book that I hope will inspire young girls and boys to never give up. To influence them so that they can stay focused and alert, and so they never look back. There are mentors who are placed in our lives to serve as our ‘Bridges to Destinations’ and allow us to cross over them to reach our dreams. Hoping they gain inspiration from my book, my motto for them is simple: ‘OPPORTUNITY IS NOW, SO GRAB IT! IF I DID IT, SO CAN YOU!”

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Activism

OCCUR Hosts “Faith Forward” Conference in Oakland

The conference featured Congresswoman-elect Lateefah Simon, who will begin her term representing California’s 12th Congressional District in the U.S. House of Representatives in January.
Simon was honored with a special recognition from OCCUR for her civic and nonprofit leadership.

Published

2 days ago

November 24, 2024

Oakland Post

President and CEO of OCCUR addresses the audience at OCCUR Faith Forward 2024 Conference at Resurrection Church. Photo by Carla Thomas.

By Carla Thomas

The Oakland Citizens Committee for Urban Renewal (OCCUR) hosted its Faith Forward 2024 Conference on Nov. 8 at Resurrection Church in Oakland.

The conference featured Congresswoman-elect Lateefah Simon, who will begin her term representing California’s 12^th Congressional District in the U.S. House of Representatives in January.

Simon was honored with a special recognition from OCCUR for her civic and nonprofit leadership. During her remarks, She commended nonprofits making a difference, and shared how she looked forward to representing Oakland and surrounding areas.

Simon also encouraged attendees to continue fighting despite their concerns about the presidential election results. She also cautioned that there may be resources that are discontinued as a result.

“We know the assignment. We have many of the resources right within our own community, and we will be ok,” Simon assured the audience.

The conference led by OCCUR president, Dr. David B. Franklin, also featured panels on funding opportunities, case studies, economic development, sustainable housing solutions, and organizing for action.

“In order for organizations serving the community to thrive, everyone must collaborate, share resources, and not operate in silos,” said Franklin.

Speakers included San Francisco Foundation CEO, Fred Blackwell, San Francisco Foundation FAITHS Program Director Dr. Michelle Chambers, and Kingmakers of Oakland Founder, Chris Chatmon. Guests were briefed on how Kingmakers of Oakland has gone from a budget of zero to several million and is set to acquire 200 acres of property to expand their programs serving young boys. The leadership at the San Francisco Foundation encouraged nonprofits, churches, and community leaders to work together, especially when donations and funding numbers are lower.

Ben Bartlett of Berkeley City Council; Trevor Parham, CEO of Oakstop; and CEO of the Lao Family Community Development, Inc., Kathy Chao Rothberg, inspired attendees with stories about their journeys in the nonprofit sector.

Additional speakers included Deka Dike, CEO of Omatachi; Landis Green, CEO of DGS Strategies; Sasha Werblin, Director of Economic Development, LISC Bay Area; Oakland City Councilmember Treva Reid; Faith and Justice Organizer of East Bay Housing Organizations, Ronnie Boyd; and Todd Bendon, Executive Director of Faith in Action East Bay; among others.

The event allowed community leaders, faith-based leaders, and nonprofits to gain Insight on how to strengthen their profits financially, and communally.

OCCUR has served the community for over 70 years supporting the wellbeing of historically marginalized communities with collaborative strategies. For more information visit occurnow.org

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Activism

Bank of America Grants $200,000 to Richmond Housing Nonprofit

RNHS has provided housing services to Richmond residents since 1981. The organization develops, acquires, and/or rehabilitates single-family homes and housing developments in blighted or vacant lots in order to make them available as affordable homes for rent or purchase to low-income families.

Published

2 days ago

November 24, 2024

Oakland Post

Photo by RDNE Stock via Pexels. Courtesy The Richmond Standard.

The Richmond Standard

Richmond Neighborhood Housing Services, Inc. (RNHS) was one of two Bay Area nonprofits awarded a $200,000 grant over two years from Bank of America’s Neighborhood Builders program.

The nonprofit also serves residents through education programs involving financial literacy programs, home loans, foreclosure prevention, and affordable rental counseling.

RNHS plans to use the $200,000 Bank of America grant to hire leadership staff, and to expand its Emerging Developers Program and Restoring Neighborhoods Program.

Through this grant program, RNHS will also benefit from comprehensive leadership training for its executive director and an emerging leader.

Since the Neighborhood Builders program’s inception in 2004, 59 nonprofits have been selected in San Francisco and the East Bay, with the bank investing nearly $12 million in philanthropic capital into these local organizations.

Along with RNHS, San Francisco-based mental health nonprofit RAMS also won a $200,000 grant this year.

“We’re proud to include RAMS and RNHS as the 2024 Neighborhood Builders,” said Gioia McCarthy, president of Bank of America San Francisco-East Bay. “Countless individuals, families and neighborhoods have felt the profound impact that these 59 Neighborhood Builder nonprofits have had in our area over the past two decades.”