This article originally appeared in Inside Sources on June 3, 2015
In a desperate, last-ditch effort to save the Export-Import (Ex-Im) Bank of the United States in all of its crony-capitalist glory, a group of U.S. Senators attempted to tie its reauthorization to one of President Obama’s major agenda items this year: the much-disputed (and needed) trade promotion authority (TPA) bill. Adding reauthorization of the bank, which is set to expire on June 30, would have been a poison pill to TPA, likely tanking a vote on granting Obama fast-track trade authority. The Export-Import Bank is an 80-year-old institution, born out of New Deal era policies, that subsidizes loans to help foreign companies buy U.S. goods. However, the bank picks winners and losers, allocating the vast majority of its financing to deep-pocketed Big Business and special interests. These aren’t small businesses obtaining assistance loans in order to competitively export their products abroad, but are instead some of America’s largest corporations, the top three recipients of which are Boeing, General Electric and Caterpillar. America has finally wised up to this corporate welfare scheme, however, and the outrage has been loud and clear. With a significant loss of congressional support, proponents of the bank are getting desperate. Sens. Lindsey Graham (R-S.C.), Maria Cantwell (D-Wash.), and Heidi Heitkamp (D-N.D.) attempted to obstruct a final vote on TPA and other major legislation until they secured a vote on the reauthorization of Ex-Im.