White House says Ex-Im Bank looking seriously at fraud allegations

WASHINGTON, June 24 Tue Jun 24, 2014 1:29pm EDT

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WASHINGTON, June 24 (Reuters) - The White House said on Tuesday the U.S. Export-Import Bank is working with its internal inspector general on an investigation into improper gifts and kickbacks and said President Barack Obama has "zero tolerance" for waste, fraud and abuse.

But Obama supports reauthorizing the bank because it makes "a tangible and important contribution to the U.S. economy" and helps businesses expand trade and jobs, White House spokesman Josh Earnest told reporters.

"He does not think that it would be a smart policy decision to start withdrawing support from those institutions that play such an important role in supporting our economy," he said. (Reporting by Roberta Rampton and Jeff Mason; Editing by Bill Trott)

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