Now that Congress is back in session after the July 4 holiday, a top priority for many business groups is to get lawmakers to reopen the Export-Import Bank, which recently stopped accepting new business after lawmakers failed to act on reauthorization of the agency's charter.

The Ex-Im Bank provides financing for the purchase of American goods and services. The agency's conservative critics see it as the ultimate example of corporate welfare, but defenders point out the bank generates a profit and supports some 164,000 U.S. jobs.

The bank's charter expired July 1 after Congress declined to reauthorize the agency. Now lawmakers are back to work, and groups like Business Roundtable say they should take up the matter as soon as possible.

"We urge Congress to pass a multi-year reauthorization of the Export-Import Bank in July to help U.S. companies sell their goods and services around the world and support jobs and economic growth across the country," said Tom Linebarger, Chairman of Business Roundtable's International Engagement Committee. "The Bank plays an important role in creating a fair playing field for U.S. companies competing against foreign companies that receive substantial financing from their countries."

Bruce Josten, executive vice president for government affairs at the U.S. Chamber of Commerce, called the Ex-Im Bank "one of the most important tools at the disposal of U.S. companies to level the playing field for trade finance as they seek to increase exports and create jobs at home."

"Given strong bipartisan support in both the House and Senate, we urge Congress to find an expeditious path forward on Ex-Im when members return in July," he said.

National Association of Manufacturers CEO Jay Timmons was more direct, calling Congress's inaction "a day of celebration" for U.S. competitors.

"It defies reason and logic that some members of Congress believe eliminating the Ex-Im Bank will strengthen our country," he said. "Shutting down the Bank would do the exact opposite. One would hope that Ex-Im opponents would apply their energy and time to reducing or eliminating government spending that doesn't create jobs or grow our economy instead of programs that do."

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