Senate shows support for Export-Import Bank
Jun. 10, 2015
WASHINGTON (AP) — The Senate has given a symbolic yet solid show of support to the Export-Import Bank, which provides financing for overseas purchases of American-made products and is scheduled to go out of existence June 30.
Bank supporters posted 65 votes on a test Wednesday, demonstrating more than enough strength to assure passage in the coming months of legislation to renew the bank's charter. Opponents had 31 votes.
Some conservatives hope to put the bank out of existence, calling it an example of crony capitalism that benefits large corporations. Supporters say it neutralizes advantages that foreign governments give to companies abroad that compete with American firms.
At least a brief interruption in the bank's charter seems likely, although supporters hope to pass renewal legislation this summer.