House GOP Leadership 'Not Governing Responsibly'
House Republicans target a bank that boosts exports, jobs
Led by Majority Leader Kevin McCarthy, conservative House Republicans have embarked on a crusade to kill the obscure but important Export-Import Bank.
They're so fixated on getting rid of the institution that they're jeopardizing a crucial highway funding bill. Their brinkmanship is tiresome. Like many of their causes, this one is misguided.
Exports help create jobs across the nation and particularly in California. While the bank accounts for only about 2 percent of total U.S. exports, it claims credit for supporting 164,000 jobs in fiscal year 2014…
If Republicans want to go after corporate welfare, there are many more significant targets, such as the offshoring of corporate profits…
The Ex-Im bank isn't a drain on taxpayers. During the last two decades, it has returned nearly $7 billion from fees, premiums and interest.
…Congressional renewal of the bank's charter had been routine and bipartisan.
But in search of a political trophy, the 170 members of the conservative Republican Study Committee – and the advocacy groups behind them, including some funded by the Koch brothers – have targeted the bank. They managed to have the bank's charter expire June 30, stopping it from making any new loans.
This fight is far more about internal GOP politics than smart public policy. McCarthy, of Bakersfield, has put himself in the middle of it.
McCarthy used to support the Ex-Im bank…Now, he's leading the charge against it.
McCarthy is positioning himself to be the next House speaker should John Boehner step aside or be forced out. Locking up support of the House conservative caucus would be a huge advantage. Whatever he and his allies are up to, responsible governing it's not.
American businesses are feeling the impact while other countries are capitalizing on the GOP's failure to renew the Bank:
Nevada Businesses In Limbo Without Export-Import Bank
Almost a month ago, lawmakers quietly let the little known Export Import Bank die.
Those who make their living off of exports and imports say they are going to be hurt because their rivals overseas still have access to such financial support.
Protect Arizona jobs: Keep Ex-Im bank going strong
Last year, 46 Arizona companies did $496 million worth of business selling transportation equipment, fabricated metals, computers, solar power infrastructure, manufactured chemicals, food and wood products and other goods to foreign purchasers with the help of financial assistance from the Export Import Bank of the United States.
Failure to allow a vote in Congress on the future of the bank will have only one result — losing business to China, Russia and other economically aggressive nations. Indeed, a senior Chinese official recently said Ex-Im going away would be "a good thing" for China.
Ex-Im financing has helped Arizona boost jobs in difficult economic times.
China's central bank will inject $45 billion into the Export-Import Bank of China and the Ministry of Finance will inject 100 billion yuan ($16 billion) into the Agricultural Development Bank of China, domestic financial media Caixin reported on Tuesday.