Congress Adjourns, Leaving Ex-Im Bank Shuttered

With Congress adjourning on Wednesday, the U.S. Export-Import Bank will remain shuttered until at least September, ending for the time being an intense fight over the controversial export finance agency.

The bank will run out of funding in September and lacks congressional authorization for continued operations. The White House chided Congress as conservative groups celebrated the development.

Ex-Im, which finances the purchase of U.S. exports by foreign governments and corporations, became a flash point in the debate over the role of government intervention in the economy.

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Business groups claim that the agency is necessary for American exporters to remain globally competitive. Conservatives say that it is a hotbed of cronyism that rewards the most politically connected companies.

Ex-Im reauthorization was attached to a highway funding bill passed by the Senate on Monday, but the House balked at the legislation, instead moving on a short-term funding bill that lacked Ex-Im provisions.

Congress will take up the highway funding bill when it returns in September.