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Democrats defy Waters on Ex-Im Bank crackdown
Source: Politico
House Democrats are poised to challenge a deal negotiated by Rep. Maxine Waters that would impose new restrictions on the Export-Import Bank, the first show of resistance among members of the Financial Services Committee since she became chairwoman in January.
The new legislation that the California Democrat drafted with the finance panels top Republican, Rep. Patrick McHenry (R-N.C.), would renew the agencys operations for seven years and expand its capacity to offer loan guarantees to foreign buyers of U.S. exports. Without action, the bank's charter would expire at the end of September.
But the proposal unveiled Tuesday night, which will be up for a committee vote as soon as next week, imposes limitations on the agency that are rattling some centrist Democrats. That includes disclosure requirements for large manufacturers like Boeing that benefit the most from Ex-Im's financial guarantees, as well as restrictions on their deals in China.
Its premise seems to be basically hostile, said Rep. Denny Heck (D-Wash.), one of the banks fiercest advocates whose state has about 70,000 Boeing employees.
The new legislation that the California Democrat drafted with the finance panels top Republican, Rep. Patrick McHenry (R-N.C.), would renew the agencys operations for seven years and expand its capacity to offer loan guarantees to foreign buyers of U.S. exports. Without action, the bank's charter would expire at the end of September.
But the proposal unveiled Tuesday night, which will be up for a committee vote as soon as next week, imposes limitations on the agency that are rattling some centrist Democrats. That includes disclosure requirements for large manufacturers like Boeing that benefit the most from Ex-Im's financial guarantees, as well as restrictions on their deals in China.
Its premise seems to be basically hostile, said Rep. Denny Heck (D-Wash.), one of the banks fiercest advocates whose state has about 70,000 Boeing employees.
Read more: https://www.politico.com/story/2019/06/21/maxine-waters-export-import-bank-1545742
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Democrats defy Waters on Ex-Im Bank crackdown (Original Post)
brooklynite
Jun 2019
OP
PoliticAverse
(26,366 posts)1. Corporate welfare will not be denied. n/t
Sherman A1
(38,958 posts)2. Appears to be the case
The Mouth
(3,164 posts)3. When it comes to money
everyone is of the same religion
-Voltaire