Petition guarantees House vote to reauthorize Export-Import Bank
WASHINGTON -- Main St. Republicans have teamed up with Democrats to assure a House vote on reviving the U.S. Export-Import Bank, giving it new life more than three months after its charter lapsed.
The development came after supporters of the bank got a majority of the House to sign a petition to dislodge it from a powerful panel controlled by an opponent of reviving the bank. The bank helps finance sales of U.S. exports to foreign customers.
The bank's charter expired June 30, and it has been unable to approve new applications to help overseas buyers get financing to purchase U.S. products like airplanes and heavy equipment, which the bank says helps sustain tens of thousands of manufacturing jobs.
Supporters of the bank have been stymied by team party opposition.