House Votes To Reauthorize Ex-Im Bank

Juliegrace Brufke

Using a rare measure to sidestep leadership and force a bill to the floor, the House voted in favor of reviving the Export-Import bank Tuesday.

Eighty-seven Republicans joined 184 Democrats to vote in favor of passing the legislation to bring back the bank. Its charter expired in July.

The discharge petition to reauthorize the federal agency, which provides low-interest, taxpayer-backed financing to foreign companies purchasing American goods, was led by Tennessee Republican Stephen Fincher.

The bank’s proponents argue it is necessary to promote trade and remain globally competitive, while critics say it is an example of crony capitalism and promotes corporate welfare.

“This is what’s wrong with Washington: big corporations cozy up to big government and America’s taxpayers foot the bill,” said Ohio Republican Jim Jordan. “This is what my colleagues and I came here to stop, and is precisely the kind of thing that Americans hate about this town. With dozens of open fraud investigations at the bank, and one indictment, it’s a sad day that so many in Congress think we should restart the Ex-Im Bank.”

Senate Majority Leader Mitch McConnell said he won’t bring the bill to the floor for a vote, but it could be passed as an attachment in next week’s highway bill.

Discharge petitions are rarely successful, if the legislation makes it through the upper chamber, it will be the first time since McCain-Feingold in 2002.

Follow Juliegrace Brufke on Twitter