House of Representatives Will Not Consider Legislation to Revive Ex-Im Bank
(Washington D.C.) – The U.S. House of Representatives passed a three month extension of the Highway Trust Fund yesterday to ensure that federal transportation programs will continue to have spending authority until October 31st. In doing so, the House disregarded legislation passed by the Senate that extends these programs and revives the federal Export-Import Bank. While the Congressional debate focused on the Highway Trust Fund, the Senate included in their long-term highway bill an amendment re-authorizing the bank. The House passed a bill earlier this month that would provide $8 billion in funding for transportation through December, but the Senate did not consider the measure.
Daniel Garza, Executive Director of The LIBRE Initiative, released the following statement:
“The Export-Import bank provides taxpayer money to some of America’s largest and most successful multinational companies. Even President Obama has labeled it corporate welfare. For that reason it was allowed to expire. The fact that the process was used to attach it to the high-profile Highway Trust Fund bill shows its supporters were unwilling to accept the results of a straightforward and open process. We can’t have these back-handed attempts again in October. Congress should not resort to these last-minute gimmicks to deliver for special interests. Despite overheated claims, intended to scare lawmakers into reauthorizing the bank, many of bank’s beneficiaries will be just fine, something they have already admitted.
Ninety-eight percent of American exporters operate without the use of Ex-Im Bank funds. The bank’s expiration is an opportunity for private financiers to fill in for exporters. The Ex-Im Bank was unfairly distorting the market. If we expect to move forward as a nation, it is time for lawmakers to reject the corporate cronyism that has unfairly burdened taxpayers for too long.”