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Economy

Bustos & Loebsack Support the Ex-Im Bank

Members of Congress from the Quad Cities visited the Alcoa plant in Riverdale this morning to show their support for the Export-Import Bank. The federal agency provides financial support for US businesses to sell their products overseas, but its charter officially expired last night.

Cheri Bustos from Illinois and Dave Loebsack from Iowa hope the House and Senate will re-authorize the bank when they re-convene next week.
Bustos says it's been operating for more than 80 years, and had a direct impact on this area.
Besides Alcoa, Bustos says local companies that have gotten help from the Export-Import Bank include John Deere, H.C. Duke in East Moline which makes ice cream machines, and Parr Instruments in Moline which makes a variety of laboratory instruments.

Opponents of the bank says it's corporate welfare, and interferes in the private sector.

A native of Detroit, Herb Trix began his radio career as a country-western disc jockey in Roswell, New Mexico (“KRSY, your superkicker in the Pecos Valley”), in 1978. After a stint at an oldies station in Topeka, Kansas (imagine getting paid to play “Louie Louie” and “Great Balls of Fire”), he wormed his way into news, first in Topeka, and then in Freeport Illinois.