Share This Article with a Friend!

Big Business Loses Ex-Im Bank Argument – Starts The Threats

Ex-Im Bank Sends money overseas

The Big Business beneficiaries of crony government’s Export – Import Bank long ago lost the argument over whether or not to let their taxpayer subsidy expire this summer. So now they’ve resorted to threats to try to keep their hand in the taxpayer’s wallet.

As the clock ticks toward the June 30 expiration of the Ex-Im Bank’s charter, the beneficiaries of this corrupt remnant of the New Deal have started issuing warning that they would move production overseas if Congress doesn’t reauthorize their hand out.

The problem is that they’ve run up against principled conservative Rep. Jeb Hensarling (TX- 5), Chairman of the House Financial Services Committee, who said flatly “I think it’s frankly a bit of bluster” when reports of the threats by Boeing surfaced in the media.

Boeing, based in Chicago, might move some manufacturing offshore if Congress doesn’t extend the bank’s charter beyond June 30, the Financial Times reported May 17. Bloomberg’s Jim Rowley cited an interview with Scott Scherer, head of regulatory strategy at Boeing Capital in reporting the story.

Russell Stokes, president of General Electric Co.’s transportation division, has visited lawmakers’ offices to push them to reauthorize the bank, said Jessica Taylor, a spokeswoman for the unit. The company might lose an Angola locomotive deal valued at as much as $350 million and perhaps billions of dollars in future exports if Congress doesn’t extend the bank’s charter, she said.

Taylor said about 1,800 jobs at GE, its suppliers and local businesses in 12 states are at risk without the bank’s financing.

Hensarling said he and others who oppose reauthorizing the Export-Import Bank are trying to “lead the party in a new direction” that will give priority to free enterprise over individual business interests.

The conservative lawmakers held a press conference at the same time that House Speaker John Boehner of Ohio and other House Republican leaders were holding a regularly scheduled media briefing a few blocks away.

Senator Mike Lee of Utah, Representative Jim Jordan of Ohio and other Republican lawmakers joined Hensarling in urging colleagues to end what Jordan called “crony capitalism” by allowing the bank’s charter to expire reported Bloomberg’s Rowley.

At the press conference, Lee urged lawmakers to “end the perks and privileges that go to the wealthy and the well-connected.” Critics say the bank primarily helps the biggest U.S. corporations rather than smaller companies more likely to need assistance.

Members of the group said they didn’t expect Boehner to try to reach a deal with Democrats to extend the charter of the bank, which provides loans, guarantees and insurance to help foreign companies buy U.S. goods.

“It would be a real mistake, and I don’t anticipate that happening,” said Jordan, who leads a new Freedom Caucus that includes lawmakers who have opposed Boehner on government funding and his willingness to work with Democrats on some measures says Rowley.

Boehner’s office refused comment on the issue, but Senate establishment Republicans have not been so reticent about joining Democrats to reauthorize the Big Business raid on the Treasury.

In the Senate, some establishment Republicans are having “active discussions” about adding an extension for the Export-Import Bank to trade legislation that’s a “must pass priority” for Obama and the Republican establishment, Senator John Cornyn, the chamber’s second-ranking Republican, told reporters Tuesday according to Bloomberg’s Jim Rowley.

“There is some desire to do it, but the opportunities appear to be waning” to attach the extension to a must-pass bill, Cornyn told reporters.

Hensarling said if the Senate included an extension of the bank’s charter on a separate piece of legislation, House members would seek to remove it.

With John Cornyn, the Senate’s second-ranking Republican, actively looking to join with Democrats to engineer the reauthorization of the Ex-Im Bank and Roll Call’s Matt Fuller reporting that House Majority Leader Kevin McCarthy could be changing his mind from willing to let the bank’s authorization expire to advocating it’s reauthorization, conservatives should carefully parse exactly what the Republican establishment says and be prepared to act when they abandon the conservative position in favor of the Big Business cronyism that remains the hallmark of their tenure as the majority in Congress.

 Please join the leaders of over 50 conservative organizations by signing the conservative letter to Congress demanding that your Representative and Senators let the Export - Import Bank expire on June 30, 2015.

Share this

The Perfect Populist Message to send to these Stooges

The Perfect response to threats of offshoring more jobs if they do not get their way can be found in the statements of an unlikely source. That source is Donald Trump and he states what needs to be done in the link below.

Its worth taking a look at because it will shock you.