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  • Crony Capitalism: The Fight Continues Over Reauthorization Of Ex-Im Bank

    While the Export-Import bank may have lost its lending authority July 1, its supporters in Congress have not given up their fight for the government agency’s renewal.

    Rep. Stephen Fincher is attempting to use a rare maneuver that would sidestep House leadership to push the legislation straight to the floor.

    The discharge petition, introduced in the House last week, requires 218 signatures to force a vote on the measure, which has seen support from moderate Republicans and Democrats. House Minority Leader Nancy Pelosi said Democrats will support the measure if Republicans are able to get approximately 30 signatures needed on their end to make the measure plausible, The Hill reports.

    Proponents of the Ex-Im Bank, which provides taxpayer-backed financing to foreign companies purchasing American goods, say it’s necessary to promote trade and remain globally competitive, while critics say it exemplifies corny capitalism and feel private-sector banks are capable of filling the void.

    House Majority Leader Kevin McCarthy, who is largely expected to take of for speaker of the House John Boehner at the end of the month, House Whip Steve Scalise and Financial Services Committee chairman Jeb Hensarling are all strong opponents of its reauthorization, making it nearly impossible for the legislation to come to a vote if the signatures are not received after Boehner’s departure.

    Rep. Steve Strivers, who is assisting in whipping the votes on the measure, told Politico he believes the bill will pass soon.

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