Senate deal clears way for vote on Ex-Im Bank

Reuters News
Posted: May 14, 2012 6:14 PM
Senate deal clears way for vote on Ex-Im Bank

WASHINGTON (Reuters) - Senate leaders, under pressure from business groups, reached a deal on Monday that clears the way for a vote on a bill to renew the soon-to-expire charter of the U.S. Export-Import Bank, which helps finance U.S. exports.

Senate Majority Leader Harry Reid, a Nevada Democrat, said the Senate would take up the bill on Tuesday and consider five amendments offered by Republicans. Each would require 60 votes to pass, as would the final bill.

A senior Democratic aide said the bill is expected to get the necessary votes for approval. Another aide said he expected the amendments to fail, thus clearing the way for the bill to be sent to President Barack Obama to signed into law.

The House of Representatives passed the legislation last week on 330-93 bipartisan vote.

Boeing is the biggest beneficiary of the bank's overseas lending activity. Other top clients include General Electric , Caterpillar and global engineering and construction firm KBR.

(Reporting By Doug Palmer and Thomas Ferraro; Editing by Sandra Maler)