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House, Senate agree on long-term highway bill, reauthorizing Ex-Im Bank

Dec. 01, 2015 4:27 PM ETThe Boeing Company (BA) StockGE, XLF, IYF, IYG, VFH, BA, RSPF, UYG, FXO, SEF, FAS, FAZ, RWW, BTO, FINU-OLD, FNCLBy: Carl Surran, SA News Editor104 Comments
  • House and Senate negotiators reach agreement on a five-year highway bill that also would reauthorize the U.S. Export-Import Bank, which has been advocated by Boeing (NYSE:BA) and General Electric (NYSE:GE).
  • The bill would be partly financed by use of Fed surplus funds and a cut in the dividends received by commercial banks that own the Fed, a step that is criticized by the American Bankers Association.
  • "Dramatically reducing the dividend rate - without hearings, consultation with committees of jurisdiction, study or analysis of any kind whatsoever - is extremely bad public policy,” says ABA President Rob Nichols.
  • The agreement dodges the larger issue of identifying a long-term source of revenue for the Highway Trust Fund, as the bill does not raise the $0.184/gallon federal gasoline tax.
  • House Speaker Ryan predicts the bill will enjoy “good majority support” when it comes up for a full vote.
  • ETFs: XLF, FAS, FAZ, UYG, VFH, IYF, BTO, SEF, IYG, FXO, FNCL, FINU, RWW, RYF

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