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Congress is about the decide the fate of an obscure federal agency ' and the Koch Brothers may end up on the losing side

Published by Business Insider on Tue, 21 Jul 2015


WASHINGTON (AP)Congress is about to decide the fate of an obscure federal agency that has become improbably tangled in presidential politics and Republican Party infighting, and the billionaire Koch Brothers may end up on the losing side.Conservative Koch-backed groups are among those pushing Republican lawmakers and candidates to oppose the Export-Import Bank, which underwrites loans to help foreign customers buy U.S. goods. They argue it amounts to corporate welfare.On the other side are most Democrats, leading business groups like the U.S. Chamber of Commerce and some business-friendly Republicans who say killing the Export-Import Bank threatens the U.S. economy.Opponents prevailed last month as congressional inaction caused the Export-Import Bank's charter to expire for the first time in its 81-year history. That means the bank cannot issue new loans or loan guarantees, though it remains open to service outstanding business.But now supporters are pushing to revive the bank by attaching it to highway legislation that will be debated in the Senate this week and must be approved by the end of July. With Senate Majority Leader Mitch McConnell acknowledging that supporters have the votes to prevail, opponents are in danger of getting rolled."I don't think it's any question we'll get to 60," said Sen. Heidi Heitkamp, D-N.D., sponsor with Sen. Mark Kirk, R-Ill., of a bill to renew the bank for four years, referring to the vote total needed to advance legislation. "We need to do everything we can to get the Export-Import Bank reauthorized."The outcome is less certain in the House, where Speaker John Boehner, R-Ohio, has pledged an open process and opponents are working on their strategy. But having succeeded in turning the bank into a conservative rallying cry, opponents are not going down without a fight."This is a battle. Do you stand for the rich and powerful who corrupt Washington and use this institution against the American taxpayer, or do you stand with the taxpayer'" presidential candidate Sen. Ted Cruz, R-Texas, asked at a recent news conference with leaders of Club for Growth, Tea Party Patriots, the Senate Conservatives Fund and Heritage Action for America.Vowing to use "any or all procedural tools" to stop the bank from being reauthorized, Cruz also demanded that McConnell and Boehner help keep the bank shut."Every person here will gladly celebrate strong Republican leadershipif we in fact have strong Republican leadership," Cruz said.Cruz's comments underscored the Export-Import Bank's surprising transformation from a little-known government lending institution into a litmus test for conservatives.Until recently large bipartisan majorities in both chambers regularly renewed the bank. But after a tea party-infused GOP majority retook the House in 2010, conservatives began seizing on the bank, making a 2012 reauthorization vote a struggle for the first time.This year, with Republicans in control of the Senate and a presidential campaign underway, conservatives have targeted the Export-Import Bank even more assertively.Several circumstances contributed, including opposition from new House Majority Leader Kevin McCarthy, R-Calif., and House Financial Services Committee Chairman Jeb Hensarling, R-Texas.And the Koch Brothers took on the cause through their allied organizations Americans for Prosperity and Freedom Partners, pressuring GOP presidential candidates who are jockeying for the Kochs' coveted financial backing to toe the line.Sen. Marco Rubio, R-Fla., has been particularly obliging, participating in a town-hall event hosted by Americans for Prosperity in New Hampshire last month that focused on the Export-Import Bank, and a conference call by Freedom Partners to celebrate the bank's demise. Aides note Rubio has long opposed the bank.Join the conversation about this story
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