The Export-Import Bank’s charter was not renewed earlier this summer. The vehicle for blatant crony capitalism, “Boeing’s bank,” closed its eyes. But it is not dead – yet.
Most Dems and a good number of particularly corporate inclined Republicans in the Senate and the House would like to see the bank resurrected. Ex-Im means big bucks to some very large companies. As such the lobbyists have descended on Capitol Hill en masse.
Put this thing into the ground. Or better yet, cremate it.
Just three weeks ago, lawmakers quietly let the little-known Export-Import Bank expire, handing Republican conservatives one of their biggest victories since they took control of Congress.
But now an effort to resurrect the bank, led by Democrats and business-backed Republicans, could trigger open warfare within the GOP. And the battle over Ex-Im could upend a must-pass highway bill that lawmakers are scrambling to pass before the end of the month…
…“Six months ago, if I was to tell any of you that we’d be 15 days into July and the Export-Import Bank would not be reauthorized, you all would have laughed at me,” said Rep. Jim Jordan (R-Ohio), chairman of the House Freedom Caucus, last week. “But that’s exactly where we are at. Momentum, I think, is on our side.”
Interesting that this has become an issue that “conservatives” have championed. This was not always so. Ex-Im was long considered “corporate welfare” and so generally opposed by many “liberals.” But I guess times have changed.