Export Import Bank reauthorization

ex-imThe 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.

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About whungerford

* Contributor at NewNY23rd.com where we discuss the politics, economics, and events of the New New York 23rd Congressional District (Allegany, Cattaraugus, Chautauqua, Chemung, (Eastern) Ontario, Schuyler, Seneca, Steuben,Tioga, Tompkins, and Yates Counties) Please visit and comment on whatever strikes your fancy.
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4 Responses to Export Import Bank reauthorization

  1. Deb Meeker says:

    This topic is generally out of my league. The opinions of both sides, may have merit.
    Touted to be extremely important for US trade and small business growth, the Export Import Bank may have it both ways. Is it really small business that is benefited, or mostly huge corporations?
    For example:
    https://www.enotrans.org/eno-brief/the-role-of-the-export-import-bank-in-commercial-aircraft-finance
    Or:
    http://www.cnbc.com/id/101903190

    Needless to say, when the majority of Republicans want to do away with a long time government institution, I have serious queastions as to why that would be their stand.

  2. josephurban says:

    I am glad to see that the GOP has discovered corporate welfare. Why don’t they just change the tax code if they are so concerned. Despite the claims , according to the Ex-Im Bank website about 90% of the loan guarantees go to US small businesses. The sole purpose of the bank is to
    provide loans and guarantees to small businesses and some large ones who cannot get loans through the private system. The EX-Im Bank supports businesses that sell US products overseas.
    Why would anyone be opposed to this? It creates jobs and helps small business. I presume the problem may be that the big boys do not want more competition.
    One thing to keep in mind is that most countries subsidize their businesses. For example, national health care policies take the entire costs for health insurance out of private hands. Unlike the US where most employers provide insurance as part of the employment package.
    Of course the webpage of the Ex-Im makes it sound great. But it does seem to be filling a role that the private sector is unable or unwilling to fill. It creates jobs for Americans. What is wrong with that?
    Ted Cruz’s claim that it sends millions of dollars to foreign companies seems to be just a falsehood, as the loans are to US companies. Ted, would he lie?
    http://www.exim.gov/newsandevents/the-facts-about-ex-im-bank.cfm

    • whungerford says:

      It may be less that the GOP has discovered corporate welfare and more that libertarians, government spending nuts, and GOP Presidential candidates have discovered the Import Export bank, which is a New Deal program supported by President Obama–more than enough to damn it.

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