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US House Votes to Revive Export-Import Bank

FILE - Export-Import Bank of the U.S. in Washington.

The U.S. House of Representatives moved toward reviving the Export-Import Bank, by voting to renew the embattled institution's funding as part of a five-year federal transportation spending measure.

The bill, approved by a 359-65 vote, now goes to the Senate where it is is expected to pass before federal road spending runs out on Friday. President Barack Obama has said he intends to sign the bill.

Republicans allowed the charter of the export finance agency to expire over the summer, and since then, it has only been able to service existing loans and loan guarantees. Those loans go to overseas companies for the purpose of buying U.S. goods and services.

Conservatives see the 81-year-old institution as a form of corporate welfare that should be eliminated. However, the bank is self-supported by interest payments and fees, and usually turns a profit.