Washington, D.C. -
President Obama has sign legislation that will reauthorize the Export-Import Bank. The bank provides loans to foreign companies who are purchasing U.S. products such a airplanes, ships and large machinery. It also helps finance expensive technology along with other durable products from American companies.
The fate of the Export-Import Bank was in doubt recently as republicans signaled they would not support the institution calling it a waste of public money.
Democrats have said the bank helps create jobs in the United States by helping foreign businesses purchase American products who otherwise would go to other countries with their shopping list.
The bank is a federally controlled bank of the U.S. government.