The Export-Import Bank faces extinction under new GOP leadership

The Washington Post ^ | June 25, 2014 | Charles Lane

[right-wing agnostic]

Of all the purposes for which you might put U.S. taxpayer dollars at risk, helping wealthy petro-states borrow millions to buy Boeing jets would not rank among the most urgent.

Yet that is what the Export-Import Bank does: In fiscal 2013, Ex-Im backed $8.3 billion in aircraft and related sales, including a $117.5 million loan guarantee to support Boeing 737 purchases by Dubai — a typical transaction for an agency that has, over the years, earned the sobriquet “Bank of Boeing,” though it does also support Caterpillar and General Electric, among others.

Now Ex-Im suddenly faces extinction: Its charter expires Sept. 30, and the agency’s best friend in the House Republican leadership, former majority leader Eric Cantor (Va.), who shepherded a bipartisan reauthorization bill in 2012, lost his GOP primary this month. Ex-Im must contend instead with free-market Republicans such as Jeb Hensarling (Tex.), chairman of the committee that oversees Ex-Im, and a new majority leader, Kevin McCarthy (R-Calif.), who has abandoned his past support for Ex-Im in deference to the tea party.

[right-wing agnostic]

I must admit my complete ignorance about the Export-Import Bank until the last couple of days. However, if killing this thing is a step toward restoring capitalism, I'm all for killing it. We MUST stop the government and big business of colluding with each other to get beneficial contacts for only the most well-connected business and screwing over taxpayers in the process. FYI, I HATE the term "crony capitalism" because that implies that there is any capitalistic about it. There is no capitalistic principles in crony capitalism and should be curtailed as much as possible./rwa

[KarlInOhio]

What would happen without the Export-Import Bank? Well, maybe banks would be able to make good loans for hundred million dollar purchases, make a profit from that, and get off the @($*$#(@# government teat.

[Vince Ferrer]

I’m ok with losing it. One less reason for businesses to ‘lobby’ the government rather than using their money to develop goods and services people wants to buy.

[The Antiyuppie]

Apparently, this is actually called “The Bank of Boeing” on Capitol Hill.

[Vince Ferrer]

Boeing can go bank with Goldman Saks or JP Morgan.

[DIRTYSECRET]

What % of the Federal budget is that?