1776 Coalition :: Senate approves Export-Import Bank in 78-20 vote

Senate approves Export-Import Bank in 78-20 vote

by
May 16, 2012

By Daniel Strauss – The Hill

The Senate passed legislation reauthorizing the Export-Import Bank on Tuesday, after voting down five amendments that would have limited the program’s scope and power.

The passage of the bill in a 78 to 20 vote sends the legislation to President Obama, who is expected to sign the reauthorization, which runs through September 2014.

It also ends an unexpectedly long fight on Capital that divided Republicans.

The Export-Import Bank is generally considered a non-controversial bill, but it came under attack this year from conservatives who argued it was a form of corporate welfare that distorted free trade.

The Club for Growth was among the groups that urged Republicans to oppose reauthorizing the bank’s charter. Ninety-three Republicans voted against the reauthorization in the House, and a number of Republican senators voted against it on Tuesday.

“We need to end the corporate welfare that distorts the market and feeds crony capitalism,” Sen. Mike Lee (R-Utah) said in a floor speech. Lee sponsored one of the amendments that sought to impose restrictions on the bank.

“The corporations that largely benefit from the Ex-Im bank should have no trouble marshaling their resources to compete in today’s economy. If they are struggling, then they are most likely not deserving of tax payer help,” Lee said.

Lee’s amendment, which was rejected, would have terminated the bank a year after the authorization.

The other amendments would have limited the bank’s financing of certain products, stopped the bank from lending to projects in countries that held government debt instruments, funded the bank only if there was progress in talks to end it and kept the bank from funding energy projects that competed with similar projects in the U.S., respectively.

To read more, visit: http://thehill.com/blogs/floor-action/senate/227563-import-export-bank-passes-senate-78-20

No comments yet - you can be the first!

Leave a Reply

Your email address will not be published. Required fields are marked *

Keep the Fake News Media in check.

Don’t let the MSM censor your news as America becomes Great Again. Over 500,000 Americans receive our daily dose of life, liberty and pursuit of happiness along with Breaking News direct to their inbox—and you can too. Sign up to receive news and views from The 1776Coalition!

We know how important your privacy is and your information is SAFE with us. We’ll never sell
your email address and you can unsubscribe at any time directly from your inbox.
View our full privacy policy.