House Votes To Reauthorize Ex-Im Bank

Storm clouds approach the U.S. Capitol dome during a day of rain in Washington Nov. 6, 2014. (REUTERS/Gary Cameron)

Using a rare measure to sidestep leadership and force a bill tothe floor, the House voted in favor of reviving the Export-Importbank Tuesday.

One hundred and twenty-seven Republicans joined 186Democrats to vote in favor of passing thelegislation to bring back the bank. Its charter expired inJuly.

The discharge petition to reauthorize the federalagency, which provides low-interest, taxpayer-backedfinancing to foreign companies purchasing American goods, was led by Tennessee Republican Stephen Fincher.

The bank’s proponents argue it is necessary to promotetrade and remain globally competitive, while critics say it is anexample of crony capitalism and promotes corporate welfare.

“This is what’s wrong withWashington: big corporations cozy up to big government andAmerica’s taxpayers foot the bill,” saidOhio Republican Jim Jordan . “This is what my colleagues andI came here to stop, and is precisely the kind of thing thatAmericans hate about this town. With dozens of open fraudinvestigations at the bank, and one indictment,it’s a sad day that so many in Congress think weshould restart the Ex-Im Bank.â€

Senate Majority Leader Mitch McConnell said he won’t bringthe bill to the floor for a vote, but it could be passed as anattachment in next week’s highway bill.

Discharge petitions are rarely successful. If the legislationmakes it through the upper chamber, it will be the firsttime since McCain-Feingold in 2002.

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