Congress approves legislation to reauthorize Export-Import Bank Sens. Maria Cantwell (D-Wash.) and Tom Carper (D-Del.) react after the vote to reauthorize the Export-Import Bank. J. Scott Applewhite / Associated Press / May 15, 2012 By Lisa Mascaro, Los Angeles Times May 15, 2012, 4:06 p.m. WASHINGTON - Overcoming objections from conservatives, Congress gave final approval to legislation to reauthorize the nation's Export-Import Bank, sending to President Obama a key legislative priority for the business community. The Senate passed the measure 78 to 20 after turning back several proposed GOP amendments to do away with the bank or scale back its lending authority. Conservatives in the House and Senate have fought the bank as a form of corporate welfare. The bank subsidizes the sale of U.S. exports, which critics said props up some companies and harms others through unfair competition. But the business community, including theU.S. Chamber of Commerce, contends that the bank provides crucial support for American exporters. Without action, the bank's authority would expire May 31. The legislation reauthorizes the bank through September 2014 and gradually increases its lending capacity from $100 billion to $140 billion. New restrictions would limit default rates and require public comment for transactions exceeding $100 million.