IMO B

(A) an obstacle to congressional passage being the concern. - people cite a concern not an obstacle,though concern may be an obstacle
(B) a concern as an obstacle to congressional passage. - CORRECT
(C) as an obstacle to Congressional passage the concern - Incorrect, cite WHAT ??
(D) the concern,an obstacle to congressional passage - INCOMPLETE CLAUSE
(E) as an obstacle for congress to pass it the concern - Same as C

The sentence is attempting to convey that the state legislators cite the concern that the loan will help foreign producers as an obstacle. X cites Y as Z. The correct sentence needs to reorder the phrasing to fit in the underlined portion, so it will need to be in this form: "the state legislators cite [as an obstacle] the concern that the bank loan..." X cites as Z Y.

(A) an obstacle to congressional passage being the concern cite [something] being is not the correct idiom
(B) a concern as an obstacle to congressional passage - the nominal clause "that the bank loan.." is meant to modify "concern" but is distanced by the noun phrase "obstacle.." Also, "a" concern changes the meaning.
(C) as an obstacle to congressional passage the concern - this is in the same form as above
(D) the concern, an obstacle to congressional passage - "cite the concern" not idiomatic
(E) as an obstacle for congress to pass it the concern - "it" doesn't have a clear antecedent

You could actually cite an obstacle: The coroner cited an obstacle in the victim's throat as the cause of death.

"Being" is of course still problematic.