Democrats Cry Foul as Ex-Im Bank Readies for Expiration
House and Senate Democratic leadership lashed into Republican refusal to move forward on reauthorization for the Export-Import Bank in a June 25 press conference, just five days before the credit agency’s expiration. Congress left town for a ten-day Independence Day recess following the press conference, and Ex-Im will have lapsed for nearly a week by the time lawmakers return.
Sign up for a free preview to unlock the rest of this article
Timely, relevant coverage of court proceedings and agency rulings involving tariffs, classification, valuation, origin and antidumping and countervailing duties. Each day, Trade Law Daily subscribers receive a daily headline email, in-depth PDF edition and access to all relevant documents via our trade law source document library and website.
Led by Senate Minority Leader Harry Reid, D-Nev., and his counterpart in the House, Nancy Pelosi, D-Calif., Democratic leaders said there’s no indication Republicans will act to allow a vote on reauthorization legislation. “I have no doubt that Export-Import Bank has the majority of votes, and has had for the last six months that we've been in this Congress,” said House Minority Whip Steny Hoyer, D-Md.
But the expiration date only bars the credit agency from making new loans, and the deadline will have "no impact on Ex-Im’s current obligations," said House Financial Services Chairman Jeb Hensarling, R-Texas, one of the fiercest Ex-Im opponents. "There’s no doubt some U.S. companies receive a benefit from Ex-Im, but there’s also no doubt Ex-Im hurts other companies and their workers," he said in a statement (here). "In fact, more are hurt than helped, and nearly 99 percent of all U.S. exports are financed without Ex-Im." Despite the lapse, existing Ex-Im financing arrangements could continue for more than a decade, Hensarling said. Ex-Im opponents regularly assail the credit agency as "crony-capitalist."