Conservative Groups Push GOP Leadership To Kill Revival Of Ex-Im Bank
More than 20 conservative advocacy groups are urging congressional leadership against attaching a provision easing the quorum requirement for the Export-Import Bank on an upcoming short-term continuing resolution.
In a letter written to House Speaker Paul Ryan and Senate Majority Leader Mitch McConnell Friday, the coalition – which includes Freedom Partners, Americans for Properity and Heritage Action – argue it undermines congressional processes and would lead to negative economic consequences.
“This provision would subvert the Senate approval process for board members of the Export-Import Bank and set a concerning precedent for future accountability,” it reads.
The federal agency’s proponents argue it is necessary to promote trade and remain globally competitive. Critics say it is an example of crony capitalism and promotes corporate welfare.
“We also have concerns on the merits of the policy,” the letter says. “This provision would allow the bank to make larger loans with even less oversight – and it would be attached to unrelated legislation providing funds for the government after September 30. This would make it easier for the agency to make risky, taxpayer-backed loans to big businesses and foreign corporations.”
A number of the organizations that signed the letter have also been vocal about their reluctance to support a short-term continuing resolution in fear it will lead to higher spending levels in the lame duck session.
The Senate is slated to vote on its continuing resolution that would fund the government through Dec. 9 Monday evening.
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