Conn. Democrats call on House GOP to back bank

U.S. President Barack Obama (C) signs the reauthorization of the Export-Import Bank during an event at the South Court Auditorium at the Eisenhower Executive Office Building of the White House May 30, 2012 in Washington, DC. The White House said the renewal "will help American businesses create jobs here at home and sell their products around the world."  (Photo by Alex Wong/Getty Images) (Alex Wong, 2012 Getty Images)
Obama Signs Reauthorization Of Export-Import Bank (Alex Wong, 2012 Getty Images)
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Updated: 7/07 10:05 am

HARTFORD, Conn. (AP) — Connecticut Democrats are pushing back against tea party Republicans who want to eliminate federal funding for a little-known banking agency that helps finance U.S. exports.

Reps. Joe Courtney and John Larson on Monday called on the Republican-led House of Representatives to pass legislation allowing the Export-Import Bank to back new loans. Its charter expires in September.

The bank is at the center of a tug-of-war in the Republican Party. Conservatives say it's an example of corporate welfare while other Republicans say the bank promotes trade and helps create jobs.

Courtney and Larson were joined at a Capitol news conference by representatives of three Connecticut businesses that rely on the Export-Import Bank to provide insurance and credit guarantees. Without the bank, they said their insurance and other costs would skyrocket.

 

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