U.S. Senator Mark Kirk (R-Ill.) says he’s against the calls from members of his own party to get rid of the Export-Import Bank. The bank, which was first established in 1934, has until Sept. 30 before its authorization expires. A faction of Republicans in Congress has attacked the bank for working mostly with larger corporations, but Kirk believes killing it off would have an impact on businesses in Illinois.
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“We’ll probably have less employment in Peoria, less employment in Rockford,” Kirk said. “It’s exactly the wrong direction for Illinois.”
The bank provides financing to foreign buyers of U.S. exports. It’s been reauthorized sixteen times since it was first established, the last coming in 2012. The current proposal would renew the bank’s charter for seven years.