|
 |
 |
|
Cantor, Hoyer close to Ex-Im Bank deal
House Majority Leader Eric Cantor (R-Va.) and House Minority Whip Steny Hoyer (D-Md.) are close to striking a deal on reauthorizing the Export-Import Bank, sources said Thursday.
Although the deal was not finalized as of Thursday, a House vote is considered likely next week.
The path for the Cantor-Hoyer compromise is not yet clear in the Senate. Leading Senate champions of the bank such as Sen. Maria Cantwell (D-Wash.) have largely been sidelined by the secretive Cantor-Hoyer talks. Senate Majority Leader Harry Reid (D-Nev.) last month was still insisting on the Senate Banking Committee-passed version of the reauthorization bill, which mirrors White House demands.
The Ex-Im Bank reauthorization in past years has been largely non-controversial, but with the rise of Tea Party conservatives in the House it has been difficult this year.
Conservative groups like the Club for Growth oppose the bank on principle as a government subsidy, even though technically the bank pays for its own activities through fees charged to customers.
The issue divides the large GOP freshman class, however, and manufacturing-state Republicans have been urging leadership to pass a reauthorization.
Cantor this spring proposed a one-year extension with only a $13 billion increase in lending ability. The Cantor draft also instructed the administration to negotiate an end to export subsidies and to conduct more analysis of the domestic effects of such activities.
Behind the conflict has been a battle between airlines, led by Delta, and airplane manufacturers led by Boeing. Boeing is Ex-Im’s biggest customer and Delta has argued that Ex-Im credit is giving its foreign competitors an unfair advantage.
The Export-Import Bank encourages U.S. exports by backing loans to foreign purchasers of U.S. goods. It does not finance purchases by U.S. companies.
Most Viewed RSS Feed »
