Obama ready to approve export bank extension

U.S. President Barack Obama is expected to sign a bill to renew the charter of the 80-year-old Export-Import Bank over conservative opposition.

The Senate passed the measure Tuesday, a week after approval by the House of Representatives.

White House spokesman Jay Carney says the measure is absolutely necessary to ensure American exports can keep growing.

The bank provides loans and credits to help U.S. exporters promote and sell goods overseas.

The bank’s supporters say it lets the United States compete with other major world exporters who also get government support.

Some conservatives in Congress want to shut down the bank, saying it promotes unfair trade.

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