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Ex-Im Bank Dead – Or Is It?

Ex-Im Bank Dead?

 

The Export – Import Bank’s charter officially expired at midnight last night and those opposed to its cronyism and corruption rightly celebrated its demise.

But the celebration may be just a little premature as the corporate vampires who have gotten fat sucking the taxpayers dry through Ex-Im and other crony government deals haven’t given up on maintaining their subsidized loans and insider deals.

The Washington Post reports that Democrats and business-oriented Republicans are hoping to revive the bank in July, perhaps by attaching a charter renewal to a must-pass transportation bill.

According The Post’s reporting, in separate calls with reporters, exporters and Democrats cited bank statistics indicating that nearly 200 pending transactions totaling more than $9 billion will be put at risk by an extended charter lapse, costing an untold number of jobs.

"This is unilateral disarmament in the competition for jobs," said House Minority Whip Steny H. Hoyer (D-Md.). "Our competitiveness in the world markets is being undermined while our competitors … are being advantaged."

"Where is the fairness in giving Washington politicians and bureaucrats the power to pick who gets helped and who gets hurt?" said Rep. Jeb Hensarling (R-Tex.), chairman of the House Financial Services Committee, in a recent statement reported by The Post.

And Hensarling is right.

Delta airlines, for example, has opposed the reauthorization of the Ex-Im Bank correctly pointing out that it in effect subsidizes its foreign competitors thereby causing the American taxpayer to disadvantage an American company – and its American employees – against foreign competitors.

Citizens United said the lapse is a "victory for supporters of smaller, more efficient government and fiscal discipline."

"Any attempt by Speaker John Boehner to bring the Export-Import Bank back to life would be yet another example of him supporting the Obama agenda and is a slap in the face to the grassroots conservatives who put him in power," said the group's president, David N. Bossie, in a statement reported by The Washington Post.

But Ex-Im supporters remain confident they can use their influence to revive their crony gravy train saying they are "confident this is a short-term blip" and that Congress will act next month to revive the bank.

But we conservatives aren’t letting down our guard.

The Club for Growth, which has been a leading opponent of Ex-Im renewal, issued a statement vowing continued vigilance:

“The expiration of the crony capitalist Export-Import Bank is a positive development for the American people,” said Club for Growth Vice President for Government Affairs Andy Roth.  “Taxpayers deserve better than a corrupt federal agency that doles out their hard-earned dollars in corporate welfare to a handful of well-connected big businesses.  The Club for Growth will continue to strongly oppose any efforts to reauthorize the Ex-Im Bank, including attaching it to future legislation before Congress.

We join with The Club for Growth and others in celebrating the end of this corrupt agency of crony government, but we aren’t letting down our guard and will continue to alert conservatives and rally opposition to any attempt to revive this corrupt partnership between business and government insiders.

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