Melissa Quinn
The Daily Signal
7/7/2014
“Reauthorize with reforms.” That’s the new mantra from supporters of renewing the charter of the Export-Import Bank.
But a review of reforms that Congress ordered the bank to make during the last reauthorization fight shows the agency has done little to remedy issues identified by the lawmakers in 2012.
Some House Republicans view reforms as the main path to extending the Export-Import Bank’s life. Rep. John Campbell, R-Calif., drafted legislation with changes to the Ex-Im Bank that he says would be required parts of the 80-year-old agency’s reauthorization.
But Financial Services Chairman Jeb Hensarling, R-Texas, has been clear about his intention to allow the bank’s charter to expire Sept. 30.
Hensarling and other critics say the agency’s failure to address reforms mandated in 2012 as part of the Export-Import Bank Reauthorization Act demonstrate the bank isn’t likely to adhere to any conditions specified by Congress this year.
Concerns about bank operations prompted Congress to impose new requirements on the bank to increase transparency and accountability. Lawmakers also made step increases in the bank’s annual lending limit — from $120 billion in 2012 up to $140 billion in 2014 — contingent on Ex-Im’s submitting a variety of reports to lawmakers.
A review of those additional requirements, though, shows they failed to remedy mismanagement and dysfunction that critics say put taxpayers’ money at risk…
The article continues at The Daily Signal.
Also at the site, Schumer Plans to ‘Pressure’ House to Save Export-Import Bank
…Schumer said Sen. Joe Manchin, D-W.V., likely will introduce a bill extending the charter of the Ex-Im Bank, which expires Sept. 30. The measure then would go to the Senate Banking Committee, where Chairman Tim Johnson, D-S.D., “wants to move the bill as quickly as possible,” Schumer said…
