WASHINGTON – Congressional Republicans are poised to deal a sharp blow to their traditional allies in the business community by allowing the federal Export-Import Bank to go out of business at the end of the month. But it may only be temporary.
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The bank makes and guarantees loans to help overseas buyers purchase U.S. products. Over the past year it's also become a surprising test of GOP purity, as tea party-backed lawmakers and outside conservative groups have denounced it as crony capitalism.
Business groups disagree, arguing that the agency helps many smaller companies and is necessary to keep U.S. businesses competitive.
The banks charter runs out June 30 without congressional action and none is anticipated. However there's a possibility it will get revived in July.