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House votes to renew charter of Export-Import Bank

The House has voted to extend the life of the Export-Import Bank, a key source of financing for American companies, ranging from small businesses to giants such as Boeing, trying to sell goods overseas.

The vote was a victory for the business community which has urged lawmakers to renew the bank's charter before it expires at the end of the month.

Reauthorization of the independent federal agency, which is self-financing and returns money to the Treasury, was complicated by a campaign among several influential conservative groups to eliminate the bank. They argued that the bank's loans to American exporters and foreign buyers distort markets and pick winners and losers.

The legislation now moves to the Senate, which is expected to act on it quickly.