“Addressing Ex-Im’s future, Adam Andrzejewski Chairman & Executive Director of OPEN THE BOOKS…http://www.openthebooks.com/
says: “The fate of the bank is an important test that will show whether Congress is on the side of taxpayers, and basic market principles, or special interests that are capable of bending markets in their direction.”
The Export-Import Bank generates headlines because, after more than three-quarters of a century, it is about to go away. But it won’t go away if Democrat presidential candidate Hillary Clinton, and Republican Senator, can do something about it.
Ex-Im, or the Export Import Bank, was created by Executive Order in 1934 by Franklin D. Roosevelt to make loans to the Soviet Union and aid trade with Cuba. With the Export-Import Bank Act of 1945, Congress made Ex-Im an independent agency and required that Ex-Im be reauthorized every four-to-five years. Ex-Im’s current authorization expires on June 30.
Ex-Im has historically enjoyed bipartisan support. However, the need to cut spending—coupled with watchdog reporting—brings reauthorization into question. Under the Obama Administration, Ex-Im lending has increased 248 percent. Taxpayers now hold nearly $140 billion in Ex-Im exposure.