WASHINGTON—For years, critics have referred to the U.S. Export-Import Bank as "Boeing's Bank" because the government agency provides billions in financial backing to the aerospace company.

The latest skirmish about the bank's future illustrated that co-dependence, and showed the muscle that Boeing Co. will deploy in coming weeks in the larger fight about reauthorizing the bank's charter, which lapses June 30. Key to that effort will be lawmakers from states with a heavy Boeing presence, who are taking unusually dramatic steps to preserve it, including nearly derailing a trade bill last week.

The agency, which provides financing for U.S. exports, is a top target of conservatives who want to wind it down in what is expected to be among the most heated political fights when Congress returns May 31 from its weeklong Memorial Day recess

Delta Air Lines Inc. has opposed the bid to extend Ex-Im's charter without a major overhaul because it says the bank helps Delta's foreign competitors purchase large widebody jets from Boeing with attractive financing. Conservatives have highlighted Delta's objections in arguing that the bank picks winners and losers and that it doesn't automatically benefit American employers.

But other business groups have rallied Congress to both renew the bank's charter and pass the separate trade legislation that cleared the Senate late Friday and, if approved by the House next month, would pave the way for a major trade agreement with Japan and 10 other Pacific trading partners.

The trade bill nearly stalled Thursday when Sen. Maria Cantwell (D., Wash.) balked at voting to advance the trade measure without a commitment that House and Senate leaders would hold a vote in June on the 81-year-old agency.

Ms. Cantwell and fellow Washington Democratic Sen. Patty Murray ultimately voted for the trade bill after extracting a pledge from Senate Majority Leader Mitch McConnell (R., Ky.) that he would hold a June vote on reauthorizing the bank. Mr. McConnell, an opponent of the bank, had previously said he would not block a vote on it.

The last-minute negotiations were conducted on and off the Senate floor during Thursday's procedural vote, which Senate leaders let run unusually long in an effort to reach a deal. The agreement came after a concerted push from Boeing on Capitol Hill. The Business Council, an association of chief executives that includes Boeing Chief Executive Jim McNerney, met with Democratic leaders Thursday morning. That morning, Mr. McNerney also chatted with Ms. Cantwell near the Senate reception room, aides said.

Industrial exporters say that without credit support from the Ex-Im Bank, they'll be at a disadvantage to foreign rivals who receive similar assistance from their home countries.

"Ex-Im is an important competitive issue for us and for all of the workers in our vast U.S. supply chain," said Tim Neale, a Boeing spokesman. Many exporters share those concerns about the effect of Ex-Im's closure and "have been actively lobbying Congress on this issue."

Boeing employs about 80,000 people in Washington state, nearly 15,000 in Missouri and 8,000 in South Carolina. Executives at Boeing and General Electric Co. have warned that without credit support from Ex-Im, they could be forced to move production overseas to compete with foreign rivals that enjoy similar backing from their home governments.

"I unashamedly support Boeing and GE," said Sen. Lindsey Graham (R., S.C.) in an interview, noting that four of five Dreamliner aircraft made in South Carolina are eligible for Ex-Im financing. "I cannot in good conscience go to a worker at Boeing or GE that makes gas turbines in South Carolina and say that ...we're going to require some people to lose their jobs by losing this bank," he said.

Across the Capitol, Missouri Republican Rep. Billy Long, who supports the bank's reauthorization, resigned from the Republican Study Committee after the group of conservative House Republicans on Thursday endorsed winding down the agency. A spokesman for Mr. Long confirmed that he resigned last week.

The RSC represents about 170 lawmakers, not all of whom want the bank to expire, including Rep. Stephen Fincher (R., Tenn.). Mr. Fincher has introduced a bill that would reauthorize Ex-Im's charter with some minor changes. It is supported by nearly 60 other Republicans, many representing export-heavy manufacturing districts, and one Democrat, Rep. Collin Peterson of Minnesota.

The RSC can take an official position on an issue if at least two-thirds of its steering committee, votes in favor of it.

Secretary of State John Kerry used a Boeing factory in Renton, Wash., as the backdrop for a speech Tuesday to defend both the trade bill, which is unpopular among many Democrats, and the Ex-Im Bank, which most Democrats support.

Republicans generally support the trade legislation but are sharply divided in the Ex-Im Bank fight. Conservative lawmakers, including several leaders in the House of Representatives, have said that failing to allow the bank to shut down when its charter expires on June 30 will show that the party lacks the backbone to stare down powerful interests on bigger battles such as overhauls of taxes and entitlement spending. That is in contrast to the parochial concerns of other Republican lawmakers who fear lob losses if U.S. firms are at a disadvantage should the Ex-Im Bank disappear.

The fight over the bank's future has also become a flash point on the presidential campaign trail, with most GOP candidates opposing its reauthorization. Democratic presidential nominee Hillary Clinton on Friday criticized Republicans' efforts to shut down the agency, saying such a move would hurt small businesses.

Conservative Republicans have cast the battle over Ex-Im as a test of whether the GOP is willing to support free markets more broadly.

Supporters of the bank say critics fail to acknowledge that 59 export-credit agencies in other countries help their domestic manufacturers, which means that shutting down Ex-Im would leave U.S. exporters at a serious disadvantage.

Boeing customers are among the biggest recipients of Ex-Im Bank loan guarantees. In the most recent fiscal year ended Sept. 30, 2014, the bank helped Boeing sell 61 widebody planes to foreign airlines by guaranteeing more than $7 billion in loans.

Write to Nick Timiraos at nick.timiraos@wsj.com and Kristina Peterson at kristina.peterson@wsj.com

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