House leader drops support for Export-Import bank
House leader backs off support for US Export-Import bank renewal, leaving outcome uncertain
Associated Press
2014-06-24 11:22 PM

WASHINGTON (AP) -- The leader of the U.S. House of Representatives 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.

Speaker John Boehner 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 Republican 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 against conservatives who say the private sector can fill its place.

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