The Export-Import Bank of the United States (Ex-Im Bank) is the official export credit agency of the United States. Ex-Im Bank’s mission is to assist in financing the export of U.S. goods and services to international markets.
The Export-Import Bank has come back to life with the support of President Trump and Senate Republicans.
The Senate on Wednesday agreed to replenish the board of the hobbled Export-Import Bank with three Trump appointees, after Republican opponents spent years blocking nominees to lead the trade-finance agency. The bank, which has provided billions of dollars in loan guarantees to foreign buyers of U.S. exports, will now be able to return to full operation for the first time since 2015, when its board lost a quorum necessary to approve transactions larger than $10 million.–Z. Warmbrodt, Politico, 05/08/2019
The Export-Import Bank was in the news in 2014 and 2015; this blog had at least five articles about it. In February, 2014, I wrote this:
The bank has been reauthorized dozens of times since 1934, so one wonders why conservatives, libertarians, and wackos would make a fuss this year. I believe they see it as a wedge issue within the GOP. By claiming that the bank is an improper role for government, possibly inconsistent with the Tenth Amendment, they seek to inflame their base against RINOs. Judging from the many messages of approval on Rep. Amash’s facebook page, it seems to be working.
In July, 2014, Ray Copson wrote:
House Republicans like to portray themselves as business friendly, but they are currently preventing the re-authorization of the Export-Import Bank, which will cease to exist on September 30 unless action is taken. Opposition to the bank is motivated partly by ideology. According to a Dallas Morning News website, Texas Rep. Jeb Hensarling sees the Bank as “the face of ‘crony capitalism’ and proof that Washington has been captured by elites.” Hensarling chairs the House Financial Services Committee, which has jurisdiction over the bank.
Now it is in the news again. In a recent column, G. Will who opposes the reauthorization wrote:
Briefly suspending their warnings about the rising tide of socialism, a large majority of Senate Republicans recently joined with almost all their Democratic colleagues in affirming the essence of socialism, which is government allocation of capital. The Senate’s revival of the Export-Import Bank is a redundant reminder that the rhetorical discord between the parties exaggerates their actual differences.
President Trump supports the bank, the Senate supports it, but what about the House? Will left-leaning Democrats and Freedom Caucus Republicans unite in opposition?