Ex-Im Bank Gains Support as U.S. Lawmakers Seek Oversight

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from Bloomberg,

Support for the U.S. Export-Import Bank gained momentum yesterday as some opponents said they would consider reauthorizing the agency and lawmakers sought ways to increase its oversight and aid to small businesses.

Republicans led by Representative Stephen Fincher of Tennessee, who voted against reauthorizing the bank in 2012, plan to introduce a bill that would renew it, while mandating changes in its business practices. In the Senate, a new bipartisan measure would require the bank to report more about its operations to Congress.

Without congressional action, the bank’s charter will expire at the end of September. Congress, which begins a five-week recess at the end of this week, will have 11 working days to act.

“It’s unreasonable to think that the bank is just going to end Sept. 30,” said Fincher, a member of the House Financial Services Committee that is debating the 80-year-old bank’s renewal, in an interview.

Incoming House Majority Leader Kevin McCarthy, a California Republican and member of the financial services panel, made clear last month he wanted to let the bank’s charter lapse. Yesterday, he wasn’t so adamant.

Asked in an interview whether he might back a plan to alter the bank’s business practices, he said, “The best part is, we’re working through committee. And I’d love to see a bill come out of the committee.”

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