WASHINGTON (AP) ? President Barack Obama is set to sign the reauthorization of the Export-Import Bank, the government's vehicle for promoting U.S. export sales.
The bank survived a challenge earlier this month from conservatives in Congress who said it is market-distorting and should be abolished. Without congressional action, the bank's charter would have expired at the end of May.
Obama backed the bank's renewal, saying it plays an important role in helping U.S. businesses create American jobs and sell their products around the world. The White House says the bank supports thousands of U.S. companies.
Obama will sign the reauthorization bill at the White House Wednesday morning.
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