House Majority Leader Eric Cantor (R-Va.) said Thursday that he would let Financial Services Committee Chairman Jeb Hensarling (R-Texas) take the lead on negotiations to reauthorize the Export-Import Bank — for now.
Cantor deferred to Hensarling upon a query about the Export-Import Bank from House Minority Whip Steny Hoyer (D-Md.) during their weekly colloquy.
The charter for the Export-Import Bank, which provides financing for U.S. agencies to sell goods overseas, expires at the end of September. But a deal to reauthorize the credit agency will be difficult because Hensarling thinks it should be abolished.
Conservatives argue that the Export-Import Bank is a form of corporate welfare. Supporters, however, say it is a self-sustaining entity that boosts U.S. exports.
Two years ago, Cantor ultimately negotiated a deal to reauthorize the bank with Hoyer. But when Hoyer said last month that his office had already begun preliminary discussions with Cantor on the issue, Cantor's office insisted that no such talks were happening.