The president of the United States Export-Import Bank admitted on Tuesday morning that the bank is unlikely to reduce its support for U.S. exports as the economy improves.
Delta Air Lines launched a suit on Wednesday against the United States Export-Import Bank, alleging that the bank did not properly assess its impact on U.S. businesses when it financed purchases by foreign airlines, reported Bloomberg.
A discrepancy exists between the public data published by a United States export support agency and the agency’s actual work, raising questions for the bank’s critics.
The U.S. Export-Import Bank recently steered hundreds of millions of dollars in federal loans to Spanish green energy conglomerate Abengoa, which happens to share an advisory board member with the bank.
Just days after the Export-Import Bank approved a multi-million dollar federal loan guarantee to benefit a mostly foreign-based wind-energy outfit, the company pink-slipped more than 200 American workers.
One of President’s Obama’s much-touted green energy projects, First Solar, received nearly $500 million in taxpayer-backed loans from the Export-Import Bank to subsidize the sale of solar panels to itself.