US Ex-Im Bank: Congress fails to renew mandate before recess - equivalent to unilateral disarmament

On 26-Jun-2015, the US Congress went into a recess without having approved a renewal of the charter for the Export Import Bank of the United States (Ex-Im Bank), the country's export credit agency. Congress doesn't return to session until 08-Jul-2015, forcing a hiatus of at least a week on further Ex-Im Bank financing activities.

When the bank's Congressional funding authority expired on 30-Jun-2015, it became unable to undertake new transactions. Existing financing - some of it stretching out as far as 18 years - will continue unaffected, but new activity will effectively cease.

This is the first time in the bank's 81-year history that it has been forced to suspend its lending activities, even on a temporary basis. Once a source of bipartisan unity, the Ex-Im Bank has fallen victim to Tea Party activism, ideology and the increasingly acrimonious nature of US politics. It is hard to see who wins from this silliness.