When Jeb Hensarling assumed the helm of the House Financial Services Committee in 2013, the National Association of Manufacturers knew it had a problem.

The Texas Republican is the No. 1 enemy of the Export-Import Bank, whose charter a powerful faction of House Republicans is fighting to let expire on June 30. But NAM and its allies were never going to allow the feisty group led by Hensarling to win without a major battle — one that will only grow more intense over the next few weeks as Congress decides the credit agency’s fate.
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The Ex-Im bank was established in 1934 and for most of its history Congress has reauthorized its charter with little controversy. But in recent years it has sparked an intra-party battle between business-friendly Republicans, who argue it helps U.S. firms compete with foreign rivals, and their more free-market colleagues, who contend it’s a boondoggle for big manufacturers who don’t need taxpayer help.

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The Club for Growth, the Koch-backed Freedom Partners and Heritage Action, the advocacy arm of the Heritage Foundation, oppose the agency because they argue it is corporate welfare that distorts the marketplace, and point out that the biggest recipients of Ex-Im financing include Boeing, General Electric and Caterpillar.