Congress revives Ex-Im Bank

Photo courtesy of Export-Import Bank of the United States
Photo courtesy of Export-Import Bank of the United States

Congress has revived the federal Export-Import Bank five months after allowing it to expire, handing a victory to business groups and a defeat to tea party conservatives and the billionaire GOP donor Koch Brothers.

A measure extending the bank through 2019 was included in a massive transportation bill that cleared the House and Senate Thursday and is expected to be signed by President Barack Obama.

Conservatives decry the bank as corporate welfare and government interference in the free market. However, a majority of lawmakers in the House and Senate, including Republicans and Democrats with major manufacturers such as General Electric, Caterpillar or Boeing in their districts, supported the bank.

Read more from the St. Louis Post-Dispatch


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