President Obama has signed legislation to reauthorize the Export-Import Bank and raise its lending authority in order to increase U.S. exports and jobs, Bloomberg reports.
Obama signed the bill Wednesday following Senate approval through a 78-20 vote on May 25 and a 330-93 House vote onÂ May 9.
The measureÂ raises the lending authority 40 percent to $140 billion by 2014, the report notes.
Lending limits for the bank will raise in steps, the report said.
This year the rate will increase to $120 billion, followed by an increase to $130 billion in 2013 and $140 billion by the end of fiscal 2014.
According to the report, Obama aims to double U.S. exports to $3.14 trillion a year by the end of 2014 from the $1.57 trillion in 2009.