Ex-Im Bank revival pushed, as GOP remains divided

WASHINGTON — House Majority Leader Kevin McCarthy, a candidate for speaker, is “strongly” discouraging lawmakers from signing on to a fellow Republican’s effort to force a vote to revive the U.S. Export-Import Bank, his spokesman said.

Rep. Stephen Fincher of Tennessee began the push Wednesday to reauthorize the bank, whose charter expired June 30. Supporters of Ex-Im say that not having the bank available puts U.S. companies at a competitive disadvantage in the global market.

Fincher’s procedural maneuver is an attempt to bypass the usual process of moving legislation through a committee to the House floor. Other attempts to pass legislation to reauthorize the bank have been stymied by House Financial Services Committee Chairman Jeb Hensarling, who opposes the bank.

“Because this petition would circumvent the committee process, McCarthy strongly discourages the participation of any such effort and remains firmly opposed to the Ex-Im bank,” Matt Sparks, a spokesman for McCarthy of California, said in an email Thursday.

Fincher’s effort sets up an intra-party dispute on the future of the 81-year-old bank, which provides loans, insurance and other support to help U.S. companies such as Boeing and General Electric make sales to overseas customers. Hensarling and other Republicans who oppose the bank say it mostly helps big corporations that don’t need government assistance.

Republican leadership is divided on the bank: outgoing Speaker John Boehner has said he worries the demise of Ex-Im will cause job losses — as some companies have already signaled — while McCarthy has called for an end to the institution.

The push to revive the bank comes amid the jostling to replace Boehner of Ohio, who announced on Sept. 25 that he would leave Congress at the end of October. McCarthy is the leading candidate to replace him. Republicans plan a leadership vote for Oct. 8.

Fincher would need support from 218 lawmakers to force a vote on reauthorizing the bank, which has been unable to approve new applications for assistance since its charter expired. House Minority Leader Nancy Pelosi, a California Democrat, said she supported the effort. “If Republicans have enough people on a discharge petition, then we might join in and go from there,” she told reporters at a news conference Thursday. “I’m optimistic from what I hear on their side.”

In an interview on Wednesday, Fincher said he was “very confident” he would succeed in getting the necessary backing from his Republican colleagues to force a vote on the bank. A spokesman for Boehner hasn’t responded to requests for comment about whether he will fight Fincher’s effort.

Fairfield, Connecticut-based GE has announced plans to shift hundreds of U.S. jobs to other countries, and directly tied the decision to the lapse of Ex-Im. The company said on Sept. 28 it would transfer 350 U.S. jobs to Canada and build a gas engine manufacturing plant there. That move would support GE’s efforts to access Canada’s export credit agency, the company said.

GE also said Sept. 15 it would move as many as 500 U.S. positions in its power generation business to Europe and China, and said 2,000 spots may be added overseas as a result of a U.K. financing deal and expansion in its aircraft-engine unit.

Boeing, Ex-Im’s biggest beneficiary, may also lose business due to the lapse in the bank’s charter. South Africa’s Comair Ltd. said in a Sept. 28 letter to Chicago-based Boeing that it may have to drop $1.1 billion in jet deliveries due to begin in October after struggling to line up financing without U.S. government assistance.

Talk to us

> Give us your news tips.

> Send us a letter to the editor.

> More Herald contact information.

More in Local News

Trader Joe’s customers walk in and out of the store on Monday, Nov. 20, 2023 in Everett, Washington. (Olivia Vanni / The Herald)
New Trader Joe’s opens this week at Everett Mall

It’s a short move from a longtime location, essentially across the street, where parking was often an adventure.

Ian Bramel-Allen enters a guilty plea to second-degree murder during a plea and sentencing hearing on Wednesday, March 6, 2024, at Snohomish County Superior Court in Everett, Washington. (Ryan Berry / The Herald)
‘Deep remorse’: Man gets 17 years for friend’s fatal stabbing in Edmonds

Ian Bramel-Allen, 44, pleaded guilty Wednesday to second-degree murder for killing Bret Northcutt last year at a WinCo.

Firefighters respond to a small RV and a motorhome fire on Tuesday afternoon in Marysville. (Provided by Snohomish County Fire Distrct 22)
1 injured after RV fire, explosion near Marysville

The cause of the fire in the 11600 block of 81st Avenue NE had not been determined, fire officials said.

Ashton Dedmon appears in court during his sentencing hearing on Tuesday, March 5, 2024, at Snohomish County Superior Court in Everett, Washington. (Ryan Berry / The Herald)
Everett Navy sailor sentenced to 90 days for fatal hit and run

Ashton Dedmon crashed into Joshua Kollman and drove away. Dedmon, a petty officer on the USS Kidd, reported he had a panic attack.

A kindergarten student works on a computer at Emerson Elementary School on Wednesday, Feb. 28, 2024, in Everett, Washington. (Ryan Berry / The Herald)
‘¡Una erupción!’: Dual language programs expanding to 10 local schools

A new bill aims to support 10 new programs each year statewide. In Snohomish County, most follow a 90-10 model of Spanish and English.

Logo for news use featuring the Tulalip Indian Reservation in Snohomish County, Washington. 220118
Woman drives off cliff, dies on Tulalip Reservation

The woman fell 70 to 80 feet after driving off Priest Point Drive NW on Sunday afternoon.

Everett
Boy, 4, survives fall from Everett fourth-story apartment window

The child was being treated at Seattle Children’s. The city has a limited supply of window stops for low-income residents.

People head out to the water at low tide during an unseasonably warm day on Saturday, March 16, 2024, at Lighthouse Park in Mukilteo, Washington. (Ryan Berry / The Herald)
Everett shatters record high temperature by 11 degrees

On Saturday, it hit 73 degrees, breaking the previous record of 62 set in 2007.

Snohomish County Fire District #4 and Snohomish Regional Fire & Rescue respond to a motor vehicle collision for a car and pole. The driver was pronounced dead at the scene, near Triangle Bait & Tackle in Snohomish. (Snohomish County Sheriff’s Office)
Police: Troopers tried to stop driver before deadly crash in Snohomish

The man, 31, was driving at “a high rate of speed” when he crashed into a traffic light pole and died, investigators said.

Alan Dean, who is accused of the 1993 strangulation murder of 15-year-old Bothell girl Melissa Lee, appears in court during opening statements of his trial on Monday, March 18, 2024, at Snohomish County Superior Court in Everett, Washington. (Ryan Berry / The Herald)
31 years later, trial opens in Bothell teen’s brutal killing

In April 1993, Melissa Lee’s body was found below Edgewater Creek Bridge. It would take 27 years to arrest Alan Dean in her death.

Logo for news use featuring the municipality of Snohomish in Snohomish County, Washington. 220118
Man dies after crashing into pole in Snohomish

Just before 1 a.m., the driver crashed into a traffic light pole at the intersection of 2nd Street and Maple Avenue.

Bodies of two men recovered after falling into Eagle Falls near Index

Two men fell into the falls and did not resurface Saturday, authorities said. After a recovery effort, two bodies were found.

Support local journalism

If you value local news, make a gift now to support the trusted journalism you get in The Daily Herald. Donations processed in this system are not tax deductible.