The conservative war over the Export-Import Bank is heating up again.
A federal lending arm of the U.S. government aimed at boosting exports with subsidized credit has long been a target of conservatives, who nearly prevented its reauthorization last year. Freedom Partners Chamber of Commerce, a group backed by the Koch Brothers, is re-launching its effort Monday to end the bank when its charter expires at the end of June.
Backed by a six-figure digital ad buy, as well as efforts to organize a conservative coalition, the group is trying to put a stop to what it terms “cronyism and corporate welfare.” Already several Republican presidential candidates oppose its reauthorization, including Texas Sen. Ted Cruz, Kentucky Sen. Rand Paul, and Florida Sen. Marco Rubio, as well as former Florida Governor Jeb Bush.
“The Ex-Im Bank puts billions of taxpayer dollars at risk to subsidize some of the world’s largest, most well-connected companies at the expense of hard-working American taxpayers,” said Freedom Partners president Marc Short. “Congress should take a stand against corporate welfare and allow this bank to expire. The expiration of Ex-Im is a central focus of Freedom Partners and will be a key test for lawmakers who claim to want to tackle the big problems.”
But the bank maintains the support of much of the GOP’s establishment wing, including the U.S. Chamber of Commerce, as well as many Democrats and the White House. Among other loan guarantees, the Ex-Im Bank has heavily subsidized the sale of Boeing aircraft overseas, which the company says helps it compete with Airbus, which is backed by several European governments.
The new Freedom Partners website—www.eximexposed.org—includes shareable info-graphics highlighting controversial Ex-Im investments, as well as a roster of Republicans who have come out against reauthorizing the bank.
The bank’s charter was extended for nine months in September as part of a stop-gap funding measure for the federal government, but the absence of a shutdown threat could give Ex-Im critics more leverage in the coming months to overhaul or wind down the bank. And for Republican candidates who have yet to weigh in on the subject, the influence of billionaire GOP mega-donors will make support for the bank all the more difficult.
The Freedom Partners video: