Analysis: Pity the Export-Import Bank, caught between warring Republican factions
By Paul Kane Paul Kane Senior congressional correspondent and columnist Email Bio Follow May 8 at 6:00 AM No federal agency has lived such a bizarre state of suspended animation as has the Export-Import Bank, a long-obscure bureau that provides loan guarantees to U.S. companies doing business abroad.
That will change Wednesday. Senate Majority Leader Mitch McConnell has scheduled votes on three board members, all likely to pass despite considerable Republican opposition, and once again, Ex-Im will be back in business, able to again support loans larger than $10 million for some of the largest U.S. exporters.
“Ex-Im financing ‘supports’ jobs rather than creating them, at best, merely shifting jobs around in the economy as demonstrated by research and industry claims. The bank’s lending practices also illustrate the ills of corporate welfare and cronyism,” Grant Kidwell, a policy analyst for the Charles Koch Institute, wrote in 2015.
But Sen. Lindsey O. Graham , where Boeing has thousands of employees, has fought fiercely for Ex-Im, linking arms with Murray and Sen. Maria Cantwell , whose state was once home to Boeing and retains tens of thousands of the company’s employees.Robert E. Lighthizer, the U.S. trade representative, and Peter Navarro, Trump’s trade adviser, are strong supporters. They argue that almost every other nation has an export credit agency.
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