
One has to wonder what all the conservative pundits who decry the Obama Administration’s supposed anti-business bias think about the President’s recent visit to Boeing in Everett, Wash., and his pledge to in effect use the ExIm Bank to support domestic sales of 737s. In the realm of civil aircraft this marks the first time either side has threatened to break what became known as the home market rule since the U.S. and Europe entered into a so-called “gentleman’s agreement” under which neither Boeing nor Airbus could benefit from export credit agency support for sales to airlines based within their respective countries of manufacture.
“Today, the President will announce that the Administration will actively employ its existing authorities so that the Export-Import Bank can provide U.S. firms competing for domestic or third-country sales with matching financing support to counter foreign non-competitive official financing that fails to observe international disciplines,” said a White House briefing paper distributed before the event. “The President will not allow U.S. companies and workers to lose out on valuable business due to unfair export financing—and will use the Administration’s full powers to ensure that they are competing on an even footing."