Republican House Majority Leader Rep. Kevin McCarthy will assure that the Export-Import bank will remain unauthorized, the Associated Press reports.
McCarthy said Monday that he will not pick up the Senate highway bill in the U.S. House. The Senate sought to renew the Ex-Im bank’s charter in its bill, but McCarthy beat them by passing an $8 billion highway bill through the House without the Ex-Im Bank’s renewal. McCarthy said that he will not budge on the issue.
The Ex-Im Bank, installed by President Franklin Roosevelt to serve as a national export credit agency, has become a breeding ground in recent years for global crony capitalism, according to the House Oversight Committee’s Rep. Jim Jordan and other congressional investigators.
“Majority Leader McCarthy did the right thing,” said Dan Holler of Heritage Action.