Financial Markets

No Export-Import Bank? No problem.

No Export-Import Bank? No problem.

July was supposed to be a particularly bad month for the U.S. economy. On June 30, the U.S. Export-Import Bank's charter officially expired. For the previous 81 years, this little-known New Deal relic handed out hundreds of billions of dollars in taxpayer-backed financing to benefit a select few well-connected companies, which used the taxpayers' generosity to sell their products overseas. Many of those businesses spent the last few months predicting that the bank's expiration would be devastating for American jobs and the country's global economic competitiveness.

After three weeks of nonstop lobbying and outside pressure, including from President Obama, the Senate voted Sunday...