“This was not something we smiled and celebrated”, said Rep Adam Kinzinger (Republican, Illinois).
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In recent weeks, bank supporters circulated a petition to force a vote on a bill reauthorizing the agency for five years. “Proud to see Members stand up against Washington and fight for jobs”.
Without the essential financial guarantees that until recently were provided by the U.S. Export Import Bank, many companies across the globe are starting to feel the effects. “If we do not get this done for the American people, the only thing our country will be exporting is jobs”.
The last time a discharge petition drive was successful was on campaign finance 2001 legislation.
But Rep. Gwen Moore, D-Wis., called the petition “a real tribute to democracy”.
Majority Leader Kevin McCarthy (Republican, California)-who had supported the bank in the past but came out against it a year ago after he was elected to his current position-on Thursday abruptly withdrew from the race to replace House Speaker John Boehner (Republican, Ohio). Additionally, discharge petitions can only be considered by the House on the second or fourth Mondays of the month.
Why One State Lawmaker Is Criticizing GE for Using the Export-Import Bank as a “Scapegoat”‘.
Conservative House Republicans, led by House Financial Services Committee Chairman Jeb Hensarling, have been blocking a vote on the reauthorization. Republicans have woken up to the situation and the banks supporters in Congress are working on getting its mandate re-authorized with a vote scheduled for later this month.
The charter of the bank lapsed on July 1, and its pending demise has already been felt in loss of overseas contracts by such firms as General Electric and Boeing, and in G.E.’s decision to transfer hundreds of jobs from a plant in Wisconsin to Canada and Europe. Hensarling, along with the agency’s opponents, believe it’s an engine of corporate welfare and cronyism.
“At a time when our Republican Conference is divided, this will divide it even further”, he said. “Signing a discharge petition puts the minority in charge and effectively makes Nancy Pelosi the Speaker of the House”.
By doing so, they defied a small group of conservatives led by Republican Jim Jordan of Urbana who have staunchly opposed renewing the U.S. Export-Import Bank, which provides credit to foreign companies buying American products.
Boehner, though, maintained that legislation would only be taken up through regular order.
But a contingent of conservative House Republicans is fiercely opposed to Ex-Im, arguing that export financing is an improper government activity. We don’t like it. We don’t want it to be reauthorized.
Rep. Ann Wagner, R-Missouri, said she won’t support the petition.
The discharge petition adds to the turmoil consuming congressional Republicans. And you know what?
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Rep. Justin Amash, R-Mich., agreed. In a tweet, Fincher said the end of the bank will harm the US economy. It requires a majority of the House’s 435 members.
