Export-Import Bank Renewed


Posted on: May 24, 2012

By Staff

The House voted Wednesday [May 9, 2012] to reauthorize the Export-Import Bank [H.R. 2072] for another three years, permitting the agency to continue providing hundreds of millions of dollars in trade assistance to U.S. firms….

“All 183 Democrats voted for the bill, along with 147 Republicans, but 93 GOP lawmakers voted against it.”
 — “Export-Import Bank reauthorized by House; Senate expected to act soon,” Washington Post (online) 5-9-2012

FFS: Similarly, on May 15th the Senate voted overwhelmingly (78 to 20) to send the House bill as passed to the president. No Democrats opposed the reauthorization. Republicans were split: 27 to 19 in favor.

The charter for the internationalists’ creation, the Export-Import Bank, was set to expire on May 31st. The Bank was also pushing against its authorized lending limit of $100 billion. In the past, the periodic renewal of the Bank has encountered little opposition, but this time considerable principled opposition arose.   Nevertheless, given the Insider influence on Congress, the outcome should not have been in doubt.

Congressional Quarterly Today’s description of the battle should have raised questions (such as why any Republicans would support a top priority of the Obama administration at this time):

“A top priority of the Obama administration, renewing the [Export-Import] bank’s charter divided Republicans who have been caught between their allies in the business community — who desire passage — and free market advocacy groups that oppose government-backed export financing as a form of corporate welfare.” — “Deal Sets Up Passage of Ex-Im Bill,” CQ TODAY ONLINE NEWS, 5-14-2012

FFS: The above report and others referred to the pressure from the U.S. Chamber of Commerce and the National Association of Manufacturers, which were supporting this federal intervention in the free market. But no mention was made of the fact that the Bank supports the internationalist agenda of boosting socialism abroad and has operated in the past to aid America’s enemies.

A prime example were the loans in the 1970s to the Soviet Union to finance the building of the world’s largest truck factory on the Kama River. At that time the Export-Import Bank joined with Chase Manhattan in an even split to finance 90 percent of the project, which subsequently produced trucks supporting the Soviet invasion of Afghanistan.

Neither was any mention made in much of the media coverage of the fact that the powers of the Ex-Im Bank are not authorized by the Constitution.

Although the dollar amount (the lending limit is scheduled to increase from $100 billion to $140 billion in stages), the votes are nevertheless revealing of the internationalist grip on Washington, which transcends party.

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