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

A firefighter stands in silence before a panel bearing the names of L. John Regelbrugge and Kris Regelbrugge during the ten-year remembrance of the Oso landslide on Friday, March 22, 2024, at the Oso Landslide Memorial in Oso, Washington. (Ryan Berry / The Herald)
‘Flood of emotions’ as Oso Landslide Memorial opens on 10th anniversary

Friends, family and first responders held a moment of silence at 10:37 a.m. at the new 2-acre memorial off Highway 530.

Julie Petersen poses for a photo with images of her sister Christina Jefferds and Jefferds’ grand daughter Sanoah Violet Huestis next to a memorial for Sanoah at her home on March 20, 2024 in Arlington, Washington. Peterson wears her sister’s favorite color and one of her bangles. (Annie Barker / The Herald)
‘It just all came down’: An oral history of the Oso mudslide

Ten years later, The Daily Herald spoke with dozens of people — first responders, family, survivors — touched by the deadliest slide in U.S. history.

Victims of the Oso mudslide on March 22, 2014. (Courtesy photos)
Remembering the 43 lives lost in the Oso mudslide

The slide wiped out a neighborhood along Highway 530 in 2014. “Even though you feel like you’re alone in your grief, you’re really not.”

Director Lucia Schmit, right, and Deputy Director Dara Salmon inside the Snohomish County Department of Emergency Management on Friday, March 8, 2024, in Everett, Washington. (Ryan Berry / The Herald)
How Oso slide changed local emergency response ‘on virtually every level’

“In a decade, we have just really, really advanced,” through hard-earned lessons applied to the pandemic, floods and opioids.

Ron and Gail Thompson at their home on Monday, March 4, 2024 in Oso, Washington. (Olivia Vanni / The Herald)
In shadow of scarred Oso hillside, mudslide’s wounds still feel fresh

Locals reflected on living with grief and finding meaning in the wake of a catastrophe “nothing like you can ever imagine” in 2014.

Everett mall renderings from Brixton Capital. (Photo provided by the City of Everett)
Topgolf at the Everett Mall? Mayor’s hint still unconfirmed

After Cassie Franklin’s annual address, rumors circled about what “top” entertainment tenant could be landing at Everett Mall.

Everett
Everett man sentenced to 3 years of probation for mutilating animals

In 2022, neighbors reported Blayne Perez, 35, was shooting and torturing wildlife in north Everett.

The Washington State University Snohomish County Extension building at McCollum Park is located in an area Snohomish County is considering for the location of the Farm and Food Center on Thursday, March 28, 2024 in Everett, Washington. (Olivia Vanni / The Herald)
Year-round indoor farmers market inches closer to reality near Mill Creek

The Snohomish County Farm and Food Center received $5 million in federal funding. The county hopes to begin building in 2026.

Dorothy Crossman rides up on her bike to turn in her ballot  on Tuesday, Aug. 1, 2023 in Everett, Washington. (Olivia Vanni / The Herald)
Everett leaders plan to ask voters for property tax increase

City officials will spend weeks hammering out details of a ballot measure, as Everett faces a $12.6 million deficit.

Starbucks employee Zach Gabelein outside of the Mill Creek location where he works on Friday, Feb. 23, 2024 in Mill Creek, Washington. (Olivia Vanni / The Herald)
Mill Creek Starbucks votes 21-1 to form union

“We obviously are kind of on the high of that win,” store bargaining delegate Zach Gabelein said.

Lynnwood police respond to a collision on highway 99 at 176 street SW. (Photo provided by Lynnwood Police)
Police: Teen in stolen car flees cops, causes crash in Lynnwood

The crash blocked traffic for over an hour at 176th Street SW. The boy, 16, was arrested on felony warrants.

The view of Mountain Loop Mine out the window of a second floor classroom at Fairmount Elementary on Wednesday, Jan. 10, 2024 in Everett, Washington. (Olivia Vanni / The Herald)
County: Everett mining yard violated order to halt work next to school

At least 10 reports accused OMA Construction of violating a stop-work order next to Fairmount Elementary. A judge will hear the case.

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.