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House Minority Whip Steny Hoyer (D., Md.) expressed confidence that most House Democrats would vote for a compromise agreement he reached with House Majority Leader Eric Cantor (R., Va.) to renew the mandate of the U.S. Export-Import Bank.
The bank is a federal agency that helps U.S. companies sell goods abroad--particularly large manufacturers like Boeing Co. (BA), Caterpillar Inc. (CAT) and General Electric Co. (GE). It provides loan guarantees and limited insurance to foreign firms buying U.S. made goods.
After weeks of talks, Cantor and Hoyer reached an agreement that would renew the bank's authority for three years and gradually increase its financing cap to $140 billion over that period.
The House is set to vote on the measure Wednesday under an expedited process that requires two-thirds of the House to vote for the legislation.
By opting for this vote tactic, Hoyer and Cantor better hope that the Maryland Democrat is correct. With several dozen Republicans expected to vote against the bank's extension over concerns it represents over reach by the federal government, substantial Democratic support will be needed to get the bill through the House.
-By Corey Boles, Dow Jones Newswires; 202-862-6601; firstname.lastname@example.org