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Ex-Im Can't Resume Work as Usual Even After Congress Revives It

  • Board vacancies mean bank can't back deals over $10 million
  • Senate Banking Committee hasn't held hearing on Obama nominee

Though it appears the U.S. Export-Import Bank is back in business after Republican leaders in Congress tried to kill it, there’s another problem: the agency lacks enough board members to approve big loans.

Congress voted Thursday to revive the bank, as part of a highway-funding bill, after allowing its charter to lapse June 30. But the bank, which helps U.S. companies sell products overseas, still won’t be able to approve transactions valued at more than $10 million because three of the five spots on its board of directors are vacant.