Hensarling Calls on Obama to Halt Ex-Im Dealings with Russian Firms
President Barack Obama should use executive power to immediately halt Export-Import (Ex-Im) Bank financing for Russian firms, said House Financial Services Committee Chairman Jeb Hensarling, R-Texas, in a July 25 letter. Hensarling is one of the harshest critics of the…
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credit agency in Congress. He has repeatedly called on lawmakers to allow the bank to expire on Sept. 30 (see 14072313). “While your Administration announces sanctions on Russian companies on the one hand, on the other it offers sweetheart deals to Russian companies through Ex-Im,” said the letter. “Some of the very same Russian firms that are being sanctioned by the United States have benefited from Ex-Im: Vnesheconombank and Gazprombank -- two state-owned Russian banks.” The Obama administration has unveiled a series of sanctions over recent months on individuals and firms it views as contributing to turmoil in Ukraine (see 14072417). The Ex-Im charter provides the president, after consulting with the House Financial Services Committee and its Senate counterpart, the authority to deny financing options (here).