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Thursday, February 06, 2014

Why would GOP members of the House Financial Services Committee NOT want this?

A press release, sent per an email mailing list, this quote:

Democratic Lawmakers Call for Hearing on Export-Import Bank

WASHINGTON, D.C. – In the face of a Republican agenda that seeks to erode consumer protection and undermine Wall Street reform, Democratic members of the Financial Services Committee have called for a renewed focus on a legislative goal that is proven to preserve and create U.S. jobs by helping American businesses compete internationally for opportunities to export goods and services.

In a letter to Committee Chairman Jeb Hensarling (R-TX) and Subcommittee Chair John Campbell (R-CA), 26 Democratic members of the Committee have called for a hearing to examine the issues surrounding the reauthorization of the U.S. Export-Import Bank, a financially self-sustaining agency that has helped maintain or create 1.2 million U.S. jobs over the past five years.

Led by Representatives Wm. Lacy Clay (D-MO), Gwen Moore (D-WI), Denny Heck (D-WA) and Maxine Waters (D-CA), the letter touts the Bank’s importance in leveling the playing field for U.S. businesses that compete in the global economy. It also underscores the Export-Import Bank’s profitability, sustaining itself while returning billions to the Treasury. Rep. Waters is the top Democrat on the Committee and Rep. Clay is Ranking Member of the Subcommittee on Monetary Policy and Trade.

“The reauthorization of the Export-Import Bank is vital to growing our economy, generating good jobs for American workers, and expanding business opportunities for our best companies,” said Rep. Wm. Lacy Clay. “I urge the Chairman to schedule a hearing on its reauthorization at the earliest possible opportunity.”

“The bottom line is that the Export-Import Bank supports American jobs. I urge my Republican colleagues to act swiftly to reauthorize this proven jobs engine,” said Rep. Gwen Moore.

Unless Congress acts, the charter of the Export-Import Bank will expire on September 30, 2014.

“Reauthorizing the Export-Import Bank will reduce the deficit and create good-paying jobs right here in America,” Rep. Denny Heck said. “Last year the Ex-Im Bank helped American businesses in all 50 states sell American-made products to overseas buyers. It is urgent that Congress reaches a bipartisan reauthorization agreement so U.S. companies can continue competing in the global marketplace.”

The lawmakers also point out that failing to reauthorize the Bank’s charter will hurt the competitiveness of U.S. businesses in the global marketplace in favor of foreign firms.

Rep. Waters said, “The Export-Import Bank sustains hundreds of thousands of jobs and levels the playing field so that American businesses, large and small, can compete successfully in global markets. Its reauthorization should be quick and without controversy.”

The House is under control of a GOP majority, meaning the FSC is under GOP control, so the Dems on the committee have to request an agenda item. Does any reader know of any reason the Republicans on committee would oppose renewal of the ExIm Bank's charter?

The signed letter of the Dems to the Repubs is online, here.

What's up?

Why in the world do the Republicans want/need to have the Dems ask?

Is this simply a matter that would have arisen in any event, or is there a GOP opposition bloc? Or is GOP leadership, Boehner and Cantor, in some way obstructing this measure? Reader help via a comment would be helpful.

1 comment:

Minnesota Central said...

Did you read Michele Bachmann's
press release ?
On a lot of issues (okay, this may be the only one), I do not agree with Congresswoman Bachmann, but this time she is making very valid points.
Representative Heck has introduced H.R. 4950 to re-authorize it and has listed all five Minnesota Democrats ... including Rick Nolan. The surprise is that Representative Nolan urged the Ex-Im bank to deny a loan that would help an Australian company acquire US mining equipment from Caterpillar as then Australian ore would compete with Minnesota ore.

If you look at who receives the loans, it is Boeing, GE, Cat, etc.

The last time this was re-authorized was in 2012 ... all Democrats voted for it, while 93 Republicans (including Erik Paulsen) voted against it (Bachmann did not vote) ... but John Kline did vote for re-authorization.

Not only is this a question of jobs, but there is also a cost as a May 2014 Congressional Budget Office (CBO) report found that Ex-Im Bank is estimated to have a 10-year cost of $2 billion.

Considering the jobs question, who is getting the loans, and the cost, instead of asking why Republicans would not support the re-authorization, maybe the question should be why are Democrats supporting it ?