House Speaker John Boehner (BAY'nuhr) is backing off his support for renewing the Export-Import Bank in face of conservative opposition. His new stance adds uncertainty to the outcome of the bank, a top priority for the business community.
The Ohio Republican told reporters Tuesday that although he's supported reauthorizing the bank in the past, he has a different job now and needs to work with GOP lawmakers to make sure they're comfortable with what he called a "rather controversial subject."
The government agency provides loans to help foreign buyers purchase American-made products. Its charter expires in September, and without legislation, it would not be able to back new loans.
Business groups are pushing hard for its renewal but conservative groups are opposed, saying the private sector can fill its place.