Hensarling: End Ex-Im financing for Russia

House Financial Services Committee Chairman Jeb Hensarling (R-Texas) wants President Obama to stop all Export-Import deals with Russia.

In a letter sent to Obama and top administration officials on Friday, Hensarling said that although the White House has announced sanctions on Russian companies, it also “offers sweetheart deals to Russian companies through Ex-Im.”

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Hensarling noted that some firms that have benefitted from Ex-Im are now also being sanctioned by the government, including state-owned Russian banks Vnesheconombank (VEB) and Gazprombank.

Hensarling wants Obama to “immediately halt any and all deals the Export-Import Bank is working on with Russia and with Russian companies and to suspend consideration of future Ex-Im deals involving Russia.”

Hensarling is an opponent of the Export-Import Bank who has argued its charter should not be renewed. The bank's charter is subject to expire on Sept. 30.

Tea Partyers such as Hensarling oppose the bank, claiming it's nothing more than “cronyism” designed to help big companies like Boeing and G.E.

Supporters of the bank argue it helps finance U.S. companies in emerging markets overseas while supporting jobs in America.

Hensarling sent the letter to Secretary of State John Kerry; Treasury Department Secretary Jack Lew; Ex-Im President Fred Hochberg; and House Financial Services Committee ranking member Maxine Waters (D-Calif.).

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