House Oversight Officials Launch Investigation into Ex-Im Corruption Allegations
Chairman of the House Committee on Oversight and Government Reform Darrell Issa, R-Calif., asked Export-Import (Ex-Im) Bank President Fred Hochberg to submit to the committee information regarding allegations of corruption at the credit agency by July 23. The corruption concerns stem largely from a Wall Street Journal report in June that described internal Ex-Im investigations that sought to hold certain officials accountable for kick-backs and favoring specific companies for lending (here). “The committee is concerned that the breadth and seriousness of the allegations may suggest a broader culture of corruption at the Bank,” said a July 16 letter to Hochberg, endorsed by Issa and a subcommittee chairman. "These allegations call into question the Bank's commitment to high ethical standards."
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The letter said Hochberg’s recent testimony before the House Committee on Financial Services “compounded” the concerns. “You described a confusing system of ethics oversight and management, wherein multiple offices exercise vague authorities,” said the letter. The committee investigation comes as lawmakers debate reauthorization of the credit agency prior to its expiration at the end of September. Many prominent Republicans have said they support expiration (see 14062405). Senate Banking Committee member Joe Manchin, D-W.Va., recently released a draft bill to reauthorize the Ex-Im bank. Two House bills on reauthorization have also been released in recent weeks (see 14071107).
Email ITTNews@warren-news.com for a copy of the letter.