Chart of the Week: What Is the Export-Import Bank and Why Should You Care?

Tonight at midnight, America’s Export-Import Bank will shut its doors because, after 81 years, Congress has failed to reauthorize it for the first time in history. 

So what is the Export-Import Bank?

It’s an independent federal agency with one simple mission: support American jobs by helping businesses sell their products abroad. The majority of these companies are small businesses – the engine of our economy – and helping them go global plays a critical role in strengthening our country’s economy. 

That’s why nearly 60 countries, including China, make significant investments in their own Export-Import Banks. These competitors are fighting for sales and the export-backed jobs that come along with it – and starting tomorrow when our bank has expired, American businesses will be less competitive to keep those jobs at home. When our Export-Import Bank lapses, China and our other rivals will pick up the slack, putting American businesses and American workers at a disadvantage. In fact, a senior official from one of China’s versions of the Export-Import Bank recently said that the expiration of our bank is a “good thing” for China. 

Take a look to see just how far behind China we are when it comes to support for our Export-Import Bank:

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What You’re Saying About the Overtime Rule:

In a Huffington Post op-ed, President Obama announced a plan to extend overtime protections to nearly 5 million workers in 2016.  

Check out a fact sheet about the announcement to learn more. 

The proposed overtime rule has people talking. Here’s what they have to say:

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The American Immigration Equation: Courage + Opportunity > Risk

June marks Immigrant Heritage Month — and people across the country are sharing their American stories. Whether you've recently embarked on your first day as an American or want to share how your ancestors came to arrive here, we want to hear from you. Add your voice to the conversation today.

America is a country bound together by its diversity. Almost all of us share the common thread that our families came from somewhere else. Our immigrant families are bound by more than that, however. We also are bound by a common belief that the opportunity available to immigrants who are willing to work hard in this country outweighs the substantial risk involved in pulling up stakes and restarting life in a new country. But the equation doesn’t work if you only weigh opportunity versus risk. The secret factor that tips the scale and propels people to take on such risk for such a tenuous shot at opportunity is courage. Each immigration story — whether it be from 1692, 1910, or 2015 — was built on the foundation of courage.

I see that courage at play in my own family. My heritage stems from the islands of Sicily, Italy (Bisognano/ Raffa) and Ireland (McEachern/O’Brien). On August 23, 1914 in Queenstown, Ireland, at the age of 19, my great grandmother Bridget Clougherty boarded the S.S. Franconia bound for Boston, labeled as a laborer. She boarded this ship 19 days after the declaration of war by the United Kingdom in what would become World War I. She had the courage to leave most of her family behind and risk losing the stability that had defined her life in the small village of Clifton, Ireland in order to realize the opportunity she envisioned in the new world across the Atlantic.

The O’Brien/Cloughterty on the porch of their Quincy, MA home. (Circa. 1945)

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On Trade, Here’s What the President Signed into Law:

Congress passed two bills that will help rewrite the rules for our trade policy: Trade Promotion Authority and the Trade Preferences Extension Act, which includes Trade Adjustment Assistance. Today, President Obama signed them into law. 

 

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"I would not be signing these bills if I was not absolutely convinced that these pieces of legislation are ultimately good for American workers." —President Obama on signing two bills to improve our trade policy in a way that puts workers first: http://go.wh.gov/gMn4fm #LeadOnTrade

Posted by The White House on Monday, June 29, 2015

That’s a good thing, because as President Obama has said, past trade deals haven’t always lived up to the hype. Now, thanks to the new rules of the road laid out by Congress, our latest trade deal — the Trans-Pacific Partnership (TPP) — can put in place high, enforceable standards that reflect our values on the environment, on workers’ rights, on transparency, and more. 

Here’s a quick look at the rules the President signed today and how they will help ensure American workers can benefit from the most progressive trade deal in history.

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Delivering on a Dream: The ConnectED Story

 

It was one of those impromptu meetings that could only happen in a hallway.

One afternoon in late 2012 the tech and education teams had a few minutes to compare notes. And that day, we realized the same problem had been bugging us all: Internet access in schools was incredibly slow. So slow, in fact, that the average American school had the same connectivity as the average American home — but served hundreds of times as many people.

We all know slow Internet is the worst — and it’s doubly frustrating when it’s a matter of kids learning, and not just a given evening’s entertainment.

Slow Internet in our schools meant teachers in separate classrooms couldn’t do something as basic as stream a couple of videos at the same time. It meant that interactive maps or online biology lessons simply wouldn’t load.

So even if a school wanted to invest in a tablet for every child, in our Wi-Fi world, it couldn’t be much more than a backlit textbook. If we didn’t do anything about it, school would become the only place in kids’ lives not being transformed by technology.

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On the Other Side of the Camp

June marks Immigrant Heritage Month — and people across the country are sharing their American stories. Whether you've recently embarked on your first day as an American or want to share how your ancestors came to arrive here, we want to hear from you. Add your voice to the conversation today.

I was born in Somalia, but mostly what I remember are flashes of a carefree child, happily unaware of the world beyond the Utanga Refugee Camp in Kenya. About half a mile from our UNHCR-issued blue tent was the fence that surrounded the camp. Beyond the fence was an endless blue horizon of ocean. And if you stood close enough, on the slight precipice before the fence, you could see where the beach welcomed the waves — its sand, sometimes clear and brightly glistening; other times, dark and dusky, casting sad grayish hues. It felt abandoned and desolate. I never saw any people down there. But sometimes I would catch the sight of boats with colorful sails drifting over the waves.

Most of the other children congregated over at the dumpsites and water wells, fashioning toys out of trash and rocks. I kept to myself, a quiet but curious observer exploring the neighborhoods within the camp. I would often come home well past sundown, only to be rightfully scolded by a concerned parent. But those daily, miles-long excursions only left me hungry for more.

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Weekly Address: The Affordable Care Act is Here to Stay

In this week's address, the President called the Supreme Court’s decision on the Affordable Care Act a victory for hardworking Americans across the country, whose lives are more secure because of this law.  The Affordable Care Act is working, and it is here to stay. So far more than 16 million uninsured Americans have gained coverage.  Nearly one in three Americans who was uninsured a few years ago is insured today. The uninsured rate in America is the lowest since we began to keep such records. With this case behind us, the President reaffirmed his commitment to getting more people covered and making health care in America even better and more affordable.

Transcript | mp4 | mp3

In Charleston, President Obama Honors the Life of Pastor and State Senator Clementa Pinckney

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"We are here today to remember a man of God who lived by faith. A man who believed in things not seen. A man who believed there were better days ahead, off in the distance.  A man of service who persevered, knowing full well he would not receive all those things he was promised, because he believed his efforts would deliver a better life for those who followed."

— President Obama, on the late Rev. Clementa Pinckney

Today, President Obama traveled to Charleston, South Carolina to honor the life of pastor and state senator Clementa Pinckney — one of the nine who lost their lives in last week's shooting at the Emanuel AME Church in Charleston.

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West Wing Week: 06/26/15 or, “This Is Healthcare In America”

This week, the President talked with podcast star Marc Maron in Los Angeles, spoke with Mayors at a conference in San Francisco, and hosted an LGBT reception back in the People's House. The First Lady wrapped up her trip to Europe. And the Supreme Court issued a landmark decision, ensuring millions of Americans will continue to receive tax credits to make their health insurance more affordable. That's June 19th to June 25th or, "This Is Healthcare In America."

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More than 4.59 Million Records Released

In September 2009, the President announced that — for the first time in history — White House visitor records would be made available to the public on an ongoing basis. Today, the White House releases visitor records that were generated in March 2015. This release brings the total number of records made public by this White House to more than 4.59 million — all of which can be viewed in our Disclosures section.