Senate Resurrection of Export-Import Bank Goes to Divided House

NY Times ^ | 7/26/15 | JONATHAN WEISMAN

[jimbo123]

In a rare and fiery weekend session, the Senate voted on Sunday to resurrect the federal Export-Import Bank, handing the Republican Party’s most conservative wing a major defeat and setting up a showdown this week with House leaders divided over the moribund export credit agency.

The bipartisan vote — 67 to 26 — broke a filibuster and allowed supporters to attach a measure to reauthorize the Export-Import Bank to a three-year highway and infrastructure bill, which is expected to pass the Senate early this week. The agency’s authorization expired June 30, halting all new loan guarantees and other assistance to foreign customers seeking to purchase American companies’ products.

A clear majority in the House also supports resurrecting the agency, but it will be up to House leaders to decide whether the body will get a vote, or whether to allow the bank’s opponents to stand in the way. Those opponents are led by the House majority leader, the majority whip, the Ways and Means Committee chairman and the Financial Services Committee chairman.

The agency has become something of a proxy war between the Republican Party’s ideological conservatives, who have labeled the bank an unnecessary bastion of crony capitalism, and its pro-business wing, which sees it as vital to American exporters competing against countries that routinely support their industries.

[Eddie01]

The story is why the import/export bank, not the vote! There is a market for the truth, yet know one is tapping it.

[MulberryDraw]

handing the Republican Party’s most conservative wing a major defeat...

So are non-conservatives in favor of crony capitalism and corporate welfare? I kinda doubt it. This looks like more fodder for Trump and/or Cruz to work with. (imo) Maybe Cruz was a few moves ahead on the chessboard.

[oldplayer]

to Gritty and Libbylu.
Great posts.
Oldplayer

[ilovesarah2012]

I am not surprised. Thanks.