A strong coalition of establishment-backed Republicans and House Democrats voted overwhelmingly Tuesday to revive the Export-Import Bank, dealing a defeat to tea party conservatives and Speaker-to-be Rep. Paul Ryan (R-WI)..
The House approved the measure 313-118 as 127 Republicans joined with virtually every Democrat to support the bank, whose charter expired June 30. Since then, the bank has been unable to approve new applications to fulfill its mission of helping overseas buyers get financing to purchase U.S. exports like airplanes and heavy equipment. Supporters say the bank helps sustain tens of thousands of manufacturing jobs.
The legislation’s fate is uncertain in the Senate.
Proponents of the bank forced a House vote through a rarely used procedure known as a discharge petition. They pushed a vote over the opposition of top House GOP leaders such as Majority Leader Rep. Kevin McCarthy (R-CA) of California, Whip Rep. Steve Scalise (R-LA) of Louisiana and Financial Services Committee Chairman Rep. Jeb Hensarling (R-TX) of Texas.
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