Petition drive assures House vote to revive Ex-Im Bank
The bank's charter expired June 30, and it has been unable to approve new applications to help overseas buyers get financing to purchase U.S. products like airplanes and heavy equipment.
Bank supporters have been stymied by opposition from tea party Republicans, House Financial Services Committee Chairman Jeb Hensarling, R-Texas, and top GOP leaders like Majority Leader Kevin McCarthy, R-Calif.
"The Export-Import Bank plays a key role in protecting and growing American jobs by helping U.S. businesses compete on a level playing field with our foreign competitors," said Rep. Bob Dold, R-Ill., who signed the petition.
A statement from Hensarling emailed after bank backers had already obtained enough signatures warned Republican colleagues that the fight would further inflame tensions inside the GOP and set a bad precedent in which a small minority of lawmakers could wrest control of the agenda from party leaders.
Conservative critics say the bank provides too much of its credit assistance to help huge, well-connected corporations like The Boeing Company and General Electric.
Traditional Republican-friendly groups like the U.S. Chamber of Commerce and the National Association of Manufacturers are still struggling for a way to renew the bank, despite wide bipartisan support in both House and Senate.