Tuesday, May 15th, 2012 and is filed under Blog
Despite the unified opposition from conservative organizations, the House voted to reauthorize the Export-Import Bank last week by 330-93. Not only did they extend the bank’s charter for 4 more years, Republicans agreed to raise its lending cap by 40%. This was a failed opportunity to stand on the side of free markets while drawing a bold contrast with the Solyndra-economy favored by Democrats. It’s very telling that Republican leaders brought a bill to the floor that was supported by every last Democrat, yet opposed by almost all conservatives. You can view the vote tally here. Unfortunately, some solid conservative members voted for this travesty because they have Boeing plants in their districts. It’s this sort of crony capitalism that is endemic of the unconstitutional policies of special interest governance.
Now the Ex-Im reauthorization (H.R. 2072) moves on to the Senate where there are even fewer conservatives than in the House. They will vote on final passage later this afternoon, following a series of votes on 5 amendments to weaken the Bank. The most important amendment will be sponsored by Senator Mike Lee. His amendment will close down the bank after just one year of reauthorization.
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