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US Export-Import Bank authority set to lapse Tuesday

Fred Hochberg, Chairman and President of the Export-Import Bank, holds up a copy of the bank's 2012 reauthorization compliance report as he testifies during a hearing before a Senate Committee on June 4, 2015US lawmakers have failed to reauthorize the Export-Import Bank before its Tuesday expiration, a lapse the bank warns will block billions of dollars in assistance to small businesses and cost thousands of American jobs. With Congress on a week-long Independence Day recess, many who back ExIm railed Monday against a “failure to act” by the Republicans who control the Senate and House of Representatives, while opponents welcomed the shuttering of an institution they decry as a prime example of crony capitalism. Congress has reauthorized ExIm 16 times with bipartisan support.

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