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US Export-Import Bank lives on
The House of Representatives yesterday voted to renew the US Export-Import Bank’s charter until September 2014 and gradually raise its lending cap to $140bn, disappointing conservative groups who want the nearly 80-year-old bank to die. The bill now goes to the Senate, which is under pressure to approve the legislation before the Ex-Im Bank’s temporary charter expires on 31 May. President Barack Obama’s administration had pushed for a four-year renewal, but supports the House bill. The vote passed by 330 to 93 votes.