The House Tuesday approved the reauthorization of the U.S. Export-Import Bank, with a majority of Republicans joining almost all Democrats to demonstrate a broad bipartisan coalition to revive the export-finance agency.
The measure passed 313-118.
More than half of the House’s 247 Republicans—127 in all—voted to renew the bank’s charter.
They can't even shutdown this crony operation in the face of serious opposition.
As WSJ reports:
Tuesday’s vote showed that an aggressive campaign by conservative critics to close the bank had done little over the last three years to turn GOP lawmakers away from supporting the bank. The vote marked a big victory for business groups that had fought to secure its revival...
Opponents say the Ex-Im Bank puts taxpayers at risk and allows the government to pick winners and losers. They have strongly criticized a lobbying effort by the bank’s biggest patrons, Boeing Co. and General Electric Co.
“They’re great companies….I just wonder why they have to receive taxpayer subsidies,” said Rep. Jeb Hensarling (R., Texas), who as chairman of the House Financial Services Committee led the campaign to close the bank.End the Fed? Not a chance in the current environment.
Also see: The Cronies: Half of all Export-Import Bank Benefits Go to 10 Companies