The Export-Import bank expired the end of June and it should be allowed to stay dead. I wrote a piece for Townhall.com about the Ex-Im bank mid-June and laid out the reasons why this crony financial institution backed by taxpayer dollars should go the way of the dodo bird.
There are three reasons why the Ex-Im Bank is a horrible idea for a free enterprise opportunity economic system:
1. It duplicates private venture capital
2. It is nothing more than corporate welfare
3. It is a perverse manner of granting foreign aid
The federal government has no business being in the business of economic cronyism and corruption by using American taxpayer dollars for venture capitalism. Government ends up using tax dollars to select the winners and losers in the private sector. This is a horrible idea — so why is the GOP majority in the Senate supporting it?
On Sunday, while we were enjoying church and family time, the GOP-controlled U.S. Senate voted to end cloture, 67-26, on the highway transportation bill — which is up for renewal the end of this month. The sad thing is that the Export-Import Bank reauthorization is attached to the Highway Transportation Bill.
Yes, ladies and gents, the exact thing the GOP Congressional leadership said they would not do — attach unrelated amendments to bills because they could not stand alone in passing – they did. It is the vile DC game we believed (hoped?) the GOP would not play, but I guess they lied. And they were called out by only one Senator.
As reported by Fox News, “An extraordinary scene unfolded on the Senate floor Friday as Republican Sen. Ted Cruz bluntly accused Majority Leader Mitch McConnell of lying and said he’s running the Senate like his Democratic predecessor. The charges from the Texas senator and GOP presidential candidate were a rare departure from the Senate’s usual staid decorum, even for a politician famous for his fiery speeches.
We posted the Cruz speech yesterday. You can watch it here.
At issue were assurances Cruz claimed McConnell, R-Ky., had given that there was no deal to allow a vote to renew the federal Export-Import Bank — a little-known federal agency that has become a rallying cry for conservatives. Cruz rose to deliver his remarks moments after McConnell had lined up a vote on the bank.
“It saddens me to say this. I sat in my office, I told my staff the majority leader looked me in the eye and looked 54 Republicans in the eye. I cannot believe he would tell a flat-out lie, and I voted based on those assurances that he made to each and every one of us,” Cruz said.
“What we just saw today was an absolute demonstration that not only what he told every Republican senator, but what he told the press over and over and over again, was a simple lie.”
Read more: allenbwest.com