The charter for the Export-Import Bank will expire on June 30 unless Congress renews it. Rep. Jim Jordan (R-Ohio), the chairman of the conservative House Freedom Caucus, reportedly said that Congress should let the Export-Import Bank expire. Jordan cited widespread opposition to the bank among GOP presidential candidates, House Financial Services Committee Chairman Jeb Hensarling (R-Texas), Majority Leader Kevin McCarthy (R-Calif.), Majority Whip Steve Scalise (R-La.), Ways and Means Committee Chairman Paul Ryan (R-Wis.) as well as conservative groups.
So where do the Republican Presidential candidates stand on this:
- “I voted against funding the Export-Import (Ex-Im) Bank. Taxpayer money should not be used as corporate welfare. Instead, we should focus on negotiating free trade agreements with other countries to benefit all U.S. industries and businesses. I understand some in Florida will be disappointed in my vote as our state receives the second largest amount of money from the Ex-Im Bank, but Florida can also benefit from increased trade. Without serious reforms, the Ex-Im Bank will continue to work as corporate welfare and impede our progress toward freer trade all around the world. The government should not be picking winners and losers when it comes to the free market, and it should not be using taxpayer money to pay large corporations to conduct business overseas.” (Senator Marco Rubio, “My Vote On The Export-Import Bank,” Press Release, 5/16/12)
- “Bush called for the elimination of the Export-Import Bank, in his appearance at the Club for Growth meeting in Palm Beach on Thursday.” (Phillip Rucker, Robert Costa, and Rosalind S. Helderman, “Jeb Bush hopes his Florida record erases doubts of conservatives,” The Washington Post, 3/1/15)
- “The Export-Import Bank is big businesses’ big-government bank backed by U.S. taxpayers. It sends huge amounts of assistance to foreign corporations, buyers, and companies that are hostile to our economic and security interests, but can afford armies of lobbyists to access easy financing backed by American taxpayers.” (Senator Ted Cruz, “Ted Cruz: Obama Backs Corporate Welfare,” USA Today, 7/30/14)
- “Ex-Im loans like the loans to Solyndra and Brightsource are simply forms of crony capitalism. With trillion-dollar annual deficits, surely we can vote to end corporate welfare. If companies are making billions of dollars in profit, can we at least end the welfare that we’re sending to these corporations? I urge a vote against reauthorizing the Ex-Im bank, and I hope my Republican colleagues will see the inconsistency of criticizing the President on one hand for his capitalism and then turning around and doing the same thing. So I support not reauthorizing the Export-Import bank, admitting it is corporate welfare and trying to save the taxpayers some of their hard-earned money.” (Senator Rand Paul, “Sen. Paul Urges Senate to Reject Re-Authorization of the Export-Import Bank,” Rand Paul on the Ex-Im Bank, 5/12/15)
Hillary Clinton reportedly favors reauthorization while Gov. Scott Walker reportedly opposes it. Rep. Tom Reed, representing a pro-business perspective, favors it.