Congress votes to reauthorize Export-Import Bank
Tuesday, May 15, 2012
WASHINGTON (AP) -- The Senate has voted to reauthorize the Export-Import Bank after rejecting efforts by conservatives to weaken or abolish the government's vehicle for financing American export sales.
The Senate action to renew the charter of the independent federal agency for three years and increase its lending cap by $40 billion sends the legislation to President Barack Obama, who has praised the bank for contributing to his job-promoting goal of doubling exports.
The House passed the measure last week.
Reauthorizing the 78-year-old bank is usually a routine matter, but it got caught up this year in a battle between two Republican allies, business groups that say Ex-Im financing is critical to export sales and anti-big-government conservative groups that say the bank distorts markets and should be eliminated.