Trade Policy News
Follow developments in American trade policy, from free trade agreements to protectionist measures, with reporting and conservative analysis.
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Rubio Takes on Export-Import Bank: ‘Government Should Not Be Picking Winners and Losers’
As hundreds of business owners, bankers and government officials descended on Washington, D.C., in support of the embattled Export-Import Bank, Republicans miles away mobilized to call for the agency’s end. “The government should not be picking winners and losers when it comes to the free market,” Republican Sen. Marco Rubio of Florida told reporters today….Melissa Quinn -
More Than 50 Groups Join Forces in Calling for Export-Import Bank’s End
With less than 70 days before the Export-Import Bank’s charter expires, a coalition of groups has formed in opposition to the agency’s reauthorization. More than 50 organizations joined forces to urge Congress to allow the Export-Import Bank’s charter to expire. The groups sent a letter to lawmakers on Capitol Hill explaining how the bank “unfairly…Melissa Quinn -
Who Are the Biggest Foreign Buyers Benefiting from Export-Import Bank Loans?
Supporters of the Export-Import Bank often argue the agency supports small businesses and allows such firms to compete in the global market. However, a new analysis of the bank’s transactions found those benefiting the most on the buyer side are large foreign corporations. Veronique de Rugy, senior fellow at George Mason University’s Mercatus Center, and…Melissa Quinn -
House GOP Plans Secret Vote to Determine Export-Import Bank’s Future
With Republicans divided over the Export-Import Bank, the agency’s future could come down to a secret vote cast during a closed-door meeting. The House Republican Conference is expected to gather within the next few weeks to hold a private vote on whether to reauthorize the controversial bank, Heritage Action for America, the sister organization of…Melissa Quinn -
Future Indictments Related to Export-Import Bank Likely, Agency Watchdog Says
As lawmakers debate whether to extend the life of the highly contested Export-Import Bank, the agency’s chief watchdog said today it’s likely more indictments could be issued as a result of more than 31 investigations into alleged fraud at the bank. Michael McCarthy, the agency’s acting inspector general, made the comments during a joint hearing on…Melissa Quinn -
Export-Import Bank Won’t Respond to Information Requests About Ties to Clinton-Backed Consulting Firm
The Export-Import Bank’s relationship with a politically connected consulting firm has come under scrutiny as its clients benefited from millions of dollars in financing from the bank. However, a Freedom of Information Act request filed by a government watchdog has been pending for more than 500 days, highlighting the Export-Import Bank’s issues with transparency. “They’re…Melissa Quinn -
Jeb Bush Pleases Conservatives by Saying Export-Import Bank ‘Should Be Phased Out’
Republican presidential hopeful Jeb Bush’s declared support for phasing out the Export-Import Bank could give him an opening with conservatives who have grown skeptical of what they consider his more establishment cast in recent years. Bush, laying out his conservative record as a two-term governor of Florida, told a group of wealthy, pro-free-market donors that…Ken McIntyre -
Companies Benefiting From Energy Department’s Newest Solar Farm Also Recipients of Export-Import Bank Financing
This week, the Obama administration praised the opening of a solar farm in California, which was constructed with the backing of a $1.5 billion loan guarantee from the Department of Energy. But the project’s critics argue it “reeks of cronyism,” and they’re finding themselves in lockstep with opponents of the controversial Export-Import Bank, as the…Melissa Quinn -
House Panel Won’t Commit to Reauthorizing Export-Import Bank
Debate over the future of the Export-Import Bank is beginning to ramp up on Capitol Hill again. Today, the House Financial Services Committee rejected an amendment that would have forced the panel to formally consider reauthorization of the bank. Three Democrats on the committee—ranking member Maxine Waters of California and Reps. Gwen Moore of Wisconsin…Melissa Quinn -
Export-Import Bank Misleads Congress and Public About Helping Small Businesses
Officials of the Export-Import Bank continuously justify apportioning billions of dollars in taxpayer subsidies as necessary to the very survival of America’s small businesses. But an investigation by the Reuters news agency has found that potentially hundreds of the subsidy recipients categorized as “small businesses” by Ex-Im are actually very large enterprises or units of…Diane Katz -
Lawmakers Subpoena Details From ‘Stonewalling’ Export-Import Bank Officials
Lawmakers tasked with overseeing the Export-Import Bank have issued a subpoena for records that detail the agency’s internal deliberations, saying they had endured months of “stonewalling” from Chairman Fred Hochberg and other bank officials. “The taxpayers want to know about the use of their tax dollars, and [Hochberg] wouldn’t give this information,” Rep. Jim Jordan,…Melissa Quinn -
Export-Import Bank Got Reprieve With No Assurances Its End Is in Sight
The House’s Republican leadership hasn’t made any promises that an embattled government bank won’t be saved again after an expected nine-month reprieve, a conservative lawmaker confirmed today. The Daily Signal asked Republican legislators attending the monthly Capitol Hill meeting of Conversations with Conservatives whether they had received any assurances from House leadership that yesterday’s nine-month…Melissa Quinn -
Greenspan Joins Ranks of Opponents to Export-Import Bank
A longtime head of the Federal Reserve and prominent voice in economics has come out in opposition to a much more controversial government bank that is locked in a reauthorization fight. Alan Greenspan, who served as Federal Reserve chairman under four presidents, told The Hill that “as an economist” he doesn’t support reauthorization of the…Melissa Quinn -
Main House Foe of Export-Import Bank ‘Swallows Hard’ at 9-Month Reprieve
A leading congressional advocate for pulling the plug on the Export-Import Bank today said he “regrets” that a nine-month reauthorization of the federal agency is part of a Republican-sponsored measure to keep the government running. “I do not believe that Ex-Im should be part of the CR [continuing resolution]. I regret that the Republican conference…Melissa Quinn -
The Government Program Republicans Keep Extending: 5 Export-Import Bank Myths, Debunked
Against the wishes of conservatives, Republican leaders in the U.S. House have proposed extending the life of the Export-Import Bank until June 30, 2015. Using research from House Financial Services Chairman Jeb Hensarling, R-Texas, this video debunks five myths perpetuated by the bank’s supporters.Ben Howe -
Export-Import Bank’s Nationwide Tour Raises Questions of Lobbying, Propaganda
Just weeks before the Export-Import Bank’s charter expires, top bank officials embarked on a nationwide tour designed to drum up support for the agency. Such actions may flirt with anti-lobbying, propaganda and public-relations provisions put in place to protect taxpayers. Those recent actions are raising concerns for Congress, said Rep. Jim Jordan, R-Ohio. In an…Melissa Quinn -
Deal or No Deal: House Republicans Toy With Short-Term Extension of Export-Import Bank
With just nine legislative days left before the Export-Import Bank’s charter expires Sept. 30, House Republicans are reportedly working on a deal to extend the life of the agency for several months. Could the Export-Import Bank live to see a few more months? In an interview with The Daily Signal, Rep. Jim Jordan, R-Ohio, confirmed…Melissa Quinn -
This Democrat Ticked Off Business Leaders. Now He Wants Export-Import Bank to Lure Them Back.
A Massachusetts liberal who helped mastermind new legal restrictions from Congress that shook up Wall Street now sees reauthorization of the Export-Import Bank as a chance for Democrats to win back business leaders most affected by the regulatory changes he pushed. In an interview with Huffington Post, former Rep. Barney Frank said extending the life…Melissa Quinn -
This State Benefits Big From the Export-Import Bank. Want to Know Why?
The home state of Boeing’s airplane division benefits the most from financing by the U.S. Export-Import Bank, and by a huge margin, a state-by-state analysis shows. Using public data from the Export-Import Bank, a researcher at George Mason University analyzed the proportion of the federal agency’s disbursements each state received over the past seven years….Melissa Quinn -
Lawmaker Who Backed Export-Import Bank in 2012 Now Says He’s Undecided
Rep. Mike Kelly, R-Pa., who previously voted to reauthorize the Export-Import Bank, told The Daily Signal this week he’s undecided about whether he’ll support the bank this time around. “There’s been a lot of reforms put forward,” he said after speaking atThe Heritage Foundation. “I want to see the total package as we get closer to the end…Kelsey Bolar