Conn. Democrats call on House GOP to back bank

State Capitol building in Hartford. (File)
State Capitol building in Hartford. (File)

HARTFORD, Conn. (AP) — Connecticut Democrats are pushing back against tea party Republicans who want to eliminate federal funding for a little-known banking agency that helps finance U.S. exports.

Reps. Joe Courtney and John Larson on Monday called on the Republican-led House of Representatives to pass legislation allowing the Export-Import Bank to back new loans. Its charter expires in September.

The bank is at the center of a tug-of-war in the Republican Party. Conservatives say it’s an example of corporate welfare while other Republicans say the bank promotes trade and helps create jobs.

Courtney and Larson were joined at a Capitol news conference by representatives of three Connecticut businesses that rely on the Export-Import Bank to provide insurance and credit guarantees. Without the bank, they said their insurance and other costs would skyrocket.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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