Clay, the top Democrat on the House Financial Services Subcommittee on Monetary Policy & Trade, said in an interview that if the Export-Import Bank closes some exporters "will have to pay a higher (interest) rate and some of them may not be able to secure the loans" to make export deals. Clay said he believes ideological opposition among Republicans could shut the bank down, which he said "would be tragic for American business."

Rep. Blaine Luetkemeyer, R-St. Elizabeth, another member of the committee, said he worried about the effect on small exporters if the bank shut down. He rejected some fellow Republicans' claims that the bank practiced "crony capitalism."

Noting that the Small Business Administration also makes loans, Luetkemeyer asked, "Is it a perfect world? No it is not,. ...But I think we have to find a way... to come to a middle ground on this."

Export-Import Bank President Fred Hochberg said his bank is "critical to small businesses" in an "incredibly competitive" export environment against "China, Inc." and other heavily state-subsidized competitors.

But skeptical Republican committee members were emboldened by McCarthy's declaration over the weekend that the bank was an example of unnecessary federal involvement in the marketplace.