During consideration of the surface transportation bill (H.R. 22), Senator Mark Kirk (R-Ill.) introduced an amendment to reauthorize the Export-Import Bank’s charter, which expired July 1, 2015, through fiscal 2019. As Senator Kirk said during debate on his amendment, “Unfortunately, as of July 1, the Ex-Im Bank has been unable to process any new transactions — and this poses a real threat to our economy. Business deals that are months or years in the making are now on hold, and may fall through, unless we reauthorize the Ex-Im Bank immediately.”
The Senate adopted Kirk’s amendment on July 27, 2015 by a vote of 64 to 29 (Roll Call 256). We have assigned pluses to the nays because the Export-Import Bank, as explained in House vote 16, is a poster boy for corporate cronyism. The government finances or insures foreign purchases from U.S. companies that commercial banks are unwilling or unable to finance owing to the political or commercial risks inherent in the deals, leaving taxpayers on the hook in the event of default.
