Photo by Flickr user jbdodane

What is the Import Export Bank?

A component of the ongoing fight over the Highway Trust Fund Bill is the reauthorization of the Export-Import Bank.

Opposing the independent federally backed bank has become a sort of conservative litmus test and an issue that divides the Republican Party.

Prior to this year, Congress routinely voted to keep the bank operating. In fact in 2012, the last reauthorization passed the GOP-led House 330-93.

Senate Majority Leader Mitch McConnell attached the reauthorization of the Export-Import bank as an amendment to a major highway funding bill which is due by July 31st. The Senate passed it on Monday 64-29, but conservatives in the House let the bank's charter expire on July 1st meaning that the bank has not been able to process new transactions.

Here's what you need to know:

WHAT IS THE EXPORT-IMPORT BANK AND WHAT DOES IT DO?

The 81 year old bank, created by executive order by former president Franklin D. Roosevelt during the New Deal era, primarily finances and insures foreign purchases of U.S. products. Known as the Ex-Im Bank, it's a federally backed financial institution which makes and guarantees loans. The Ex-Im Bank also "offers insurance to American companies so they can do business overseas."

WHO BENEFITS FROM IT?

Supporters of the bank say that it's crucial for American companies, particularly small businesses. With loan guarantees, companies are willing to invest in new global markets and foreign companies are willing to buy the products. This in turn supports roughly 164, 000 American jobs and helps grow the economy and tax base and is friendly to the taxpayer, according to the bank.

Thus, they argue, it's a program that is a form of corporate welfare.

IF THIS HAD BIPARTISAN SUPPORT FOR SO LONG, WHY IS IT AN ISSUE?

The modern opposition to EX-IM can be traced back to the Tea Party wave of 2010 and the rise of anti-government conservatism that has gripped Capitol Hill since. Many conservative Republicans see EX-IM as engaging in "crony capitalism, " meaning that the government is picking winners and losers by deciding what companies get loans, are insured, etc.

It also coincides with the rise of strong outside conservative groups such as Heritage Action, Club For Growth, Americans for Prosperity and other organizations backed by the Koch Brothers.

Opponents of EX-IM have attracted some prominent and vocal supporters eager to tap into the Tea Party energy and to not upset the outside conservative groups. Republican presidential candidates Sen. Ted Cruz of Texas and former Florida Gov. Jeb Bush as well as House Majority Leader Kevin McCarthy, R-California, all oppose the bank.

On the left, some like Democratic presidential candidate Vermont Senator Bernie Sanders say that EX-IM subsidizes large corporate interests that turn around and ship jobs overseas. Sanders wants to eliminate EX-IM and send funds to small businesses only.

WHO SUPPORTS IT?

as well as most Democrats who think the bank saves American jobs. So do pro-business Republicans who believe EX-IM puts the USA on equal footing with other foreign nations that insure and promote their products.

Not surprisingly, so do politicians who have a large group of constituents who work for General Electric, Boeing and Caterpillar.

WHAT'S GOING TO HAPPEN?

The Ex-IM Bank can only work on the loans and insurance previously agreed to. House Majority Leader Kevin McCarthy says there are no plans to vote on the reauthorization of the Export-Import Bank before the August recess and that the House will not agree to attach it to the must-pass highway bill.

IS THIS THE END FOR THE BANK?

Probably not. The vote in the Senate showed it has enough support to move forward if given a chance on the floor. It's all a balancing act of how the GOP Leadership wants to move it forward in a way where it can pass and cause them the least amount of headaches with the activist base.

How to make lots of tips as a server what does high psa mean what does audience mean How to hack snapchat? what are signs of herpes what does twerking mean what are the top 5 questions to ask an interviewer How to prepare to go door knock real estate tips How many hat-tricks does messi have for argentina what does biology mean List of tips when going on a trip printables what does a kidney look like what does the name christine mean what does cardio do what does pushing ps mean what does ddaeng mean what type of macromolecule are enzymes How to do coin tricks for beginners How ot make video magic tricks How to get ged? Where to buy rib tips in memphis How to do a crunch? How to draw godzilla Magic tricks how its done How to make pizza crust How to share my location on iphone? what does gal mean How to check oil? what does handicap means what does pseudonym mean How to make a magic tricks How to do tricks on excel mac what are the united nations Old kids film where a boy escapes from a witch by using her own tricks against her what does cracker barrel mean what does cooperation mean Flashing tips where a deck meets house what does condescending mean Cartoon warner brothers batman can't catch a thief who tricks time what does mh mean How to drill into brick? How to say hey in spanish? what does off label mean Skater app how to read tricks Tips and ideas on how to repair motorhome roofs How do you do tricks in dirt bike unchained How to pass a swab test? what does mrna mean How to zest a lemon what does shane mean How to make strawberry jam what does nino mean How to do tricks in team sonic racing handheld How to prevent glaucoma Tricks to know which series test to use Tips on how to get rich what does bbc stand for How to clean weathertech mats? what are sweet nothings How to get my husband on my side How to cancel tinder subscription? what does retrospect mean How to sync a ps4 controller? How to clean shure tips How to hypnotize someone? How to clean rust off metal? Tumblr tips how to stop being sick How to get to deeproot depths? How to answer why should we hire you what does ftl mean what does bbc mean on tik tok what does bronchitis feel like Tricks on how to get a boy to ask you on a date what does ext mean How to make crepes with pancake mix? How long to boil rice what dreams are made of what does abnormal pap smear mean what does agriculture mean How much does it cost to file bankruptcy? How to bake salmon? How to sterilize waterpik tips How to clean silicone ear tips How to watch spiderman? What are two tips that should be followed when paraphrasing How hillary tricks voters How to get roblox voice chat what does smut mean How to make a thesis statement How to lower your blood pressure How to calculate acceleration Tips on how to spot fake news online How to adjust What act and scene in twelfth night is where maria tricks malvolio to do all the things oliva hates How to treat postpartum depression tips what does light mean what do we mean by the spin of a subatomic particle? How much tips do waiters make a night reddit How to roll a joint with tips what does ;-; mean How to put acrylic tips on toenails What are doodle tricks Tips on how to make pottery How to stop smoke detector from beeping Why are the tips of my toes red pins needles How to clear cache on mac what does mother mean in apple cider vinegar what is a residual? what does it mean when a residual is positive? How to get stains out of carpet? How to play a guitar How to have twins? what does uncured mean Why get exhaust tips on 2015 honda crv what does the medusa tattoo mean What causes numbness in tips of fingers What are some of the “tricks” cities use to put themselves on the global map? How to make coquito? what does detached mean what does retrograde mean How to build a paper airplane? How to train your guinea pig tricks How to sleep after c section? Tips when buying more of a stock How to make a paper rose? How to cut sheetrock what does chrissy metz look like now what are the symptoms of breast cancer what does prevalent mean How much does "guitar tricks" cost How long to deep fry chicken wings? How to run eve online hacking minigame tricks what does red moles mean How to write on envelope How much tips should to take in florida How to find your style Why are the tips of my spider plant browning How to clean acrylic nail brushes? How to do eyeshadow How to flush out excess estrogen? How to treat whiplash what does bush league mean what language does haiti speak What to do for xmas tips what does fantasy mean what does itching feet mean Tricks to packing jewelry when moving what does jayden mean Skateboarding how to land tricks more consistantly what does fluoride do to your teeth what exercises are good for belly fat what age does wendy's hire How to read ekg main tips what does hepatitis mean what does ps mean in a letter How to cook scrambled eggs? How to help ukraine? How to make turkey burgers? what does stimming mean How to charge iphone 12? How to stop sunburn itching Free tips on how to sell on ebay How to test for diabetes at home? what does expedited mean How to make tuna casserole Tips for knowing when you are ovulating what does it mean when irs accepts your return Youtube how to use russian tips what does you reap what you sow mean what different poops mean what does soh cah toa mean How to do finget tricks How to make goulash what does est mean How to check body fat percentage? Black guy who tips What is a one pass in tricks How to fold a sweatshirt? what does the green heart emoji mean what does the wordle app look like what does ablation mean How to find the percentage of two numbers How long is it going to rain today what does madre mean in spanish How to disable instagram How to make puff pastry? How to join ukraine army what does the name luis mean When your minds playing tricks on ya Safe-driving tips when it is raining! what does ambient mean 2015 tips when starting to invest at age 40 How to lose belly fat in 1 week? How to install insulation How to use sodastream? what does annual flowers mean How to teach a sea monkey tricks what nfl games are on this weekend How justin willian does magic tricks How to play skip bo How to do a screenshot on android? what does h pylori poop look like what does p mean in grades How to fix your credit what does ror mean Tips on how to deal with complicated blaim guilt trip bpsses How to pair apple pencil? what does dtn mean in text What are good tips for studying How to record restaurant tips in quickbooks what does jasmine mean How to lower estrogen? what does bwwm mean How to know if you re having a heart attack? How to make my facebook private? Who has the most hat tricks in nhl history How to change keyboard on android When was mind playing tricks on me geto boys released what does "woke" mean What are the insects that chew on tips of plants How to cancel six flags membership what does the red heart mean on snap what does the number 6 mean How to type accents How to make a mule? what do erratic mean How to become a respiratory therapist? what does beveled mean Why are there card tricks for pokemon what does ts mean in text what does walk off mean in baseball How to pass time? How much do delivery guys chinese make in tips How to mix and match pillows on a sofa Why was q tips invented How to hard reset macbook pro Tips on how to get a discount on hotel vermont in burlington How to do a screenshot on a pc? How to use russian tips for cupcakes How to install minecraft mods? What does you cant teach old dogs new tricks mean How to introduce yourself in an interview? How to stream super bowl 2019? When brunettes go blonde tricks not to look washed out Which of the following tips can hurt your cash flow what does himbo mean what does the x mean in xoxo Tips to empy the bladder completly when you have weak muscles in your bladder what does stp stand for in chemistry How to fly in minecraft what does 44 mean How to play halo infinite beta? How the mind tricks the body into being sick what football teams are in the playoffs When tomato leaves get white tips what does it mean when dog throws up Teenage tips on how to be successful what percentage does etsy take what does 909 mean what does symbolism mean in literature How to cook tri tip steak? what are cookies on the web Ssx on tour how to do monster tricks what does depressed mean How to build a fire? How to always win tic tac toe How to become a financial advisor what does dick mean
Source: www.nbcnews.com
RELATED VIDEO
Reauthorize Export-Import Bank
Reauthorize Export-Import Bank
Cronyism at the Export-Import Bank
Cronyism at the Export-Import Bank
Import/Export (2007)
Import/Export (2007)
RELATED FACTS
Share this Post

Related posts

What is the Development of Agriculture?

What is the Development of Agriculture?

OCTOBER 06, 2022

Taking root around 12, years ago, agriculture triggered such a change in society and the way in which people lived that…

Read More
What is the GDP of Africa?

What is the GDP of Africa?

OCTOBER 06, 2022

By J.O’S. | JOHANNESBURG ON SATURDAY, April 5th, South Africa was Africa’s largest economy. The IMF put its GDP at $354 billion…

Read More