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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- News
Obama Administration Halts Export-Import Bank Deals With Russia
The Export-Import Bank announced today it would halt financing deals with Russia and Russian companies. The Department of Treasury notified House Financial Services Chairman Jeb Hensarling of the decision to include Export-Import Bank financing in President Obama’s latest round of sanctions against the country. In a statement, the Texas Republican commended Obama for his decision: The…Melissa Quinn -
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Obama Faces Pressure Halt Export-Import Bank Deals With Russia
Three high-ranking Democrats this week asked President Obama to impose more sanctions on Russia. Now, a conservative Republican is offering one way for Obama to cut off support: immediately end the Export-Import Bank’s deals with Russia. House Financial Services Chairman Jeb Hensarling, R-Texas, said Russia’s repeated attempts to undermine Ukraine and its connection to the…Rob Bluey -
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Two Prominent Voices Debate Future of Export-Import Bank
As the Export-Import Bank’s future continues to be a topic of intense debate among lawmakers on Capitol Hill, two of the most prominent voices for and against the bank went head-to-head this week to debate whether the government agency should be ended for good. Tim Carney, a columnist at the Washington Examiner, and Tony Fratto,…Melissa Quinn -
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China: Free Trade Zone Fumbles Reform
Last October, China debuted the Shanghai free trade zone (FTZ). Chinese officials hoped to attract foreign investment into Shanghai’s Pudong district with a free flow of capital, less restrictive business regulations, and market-determined interest rates. China’s top commerce minister, Gao Hu Cheng, described the new FTZ as part of “a more active opening up strategy”…Jack McKenna -
- Opinion
5 Facts About the Export-Import Bank for Obama to Remember
At his event in Seattle tonight, it won’t be surprising if President Obama praises the Export-Import Bank as a “jobs creator” that “doesn’t cost taxpayers anything.” It’s a far cry from how he used to describe the Export-Import Bank—as “little more than a fund for corporate welfare.” The president may hope that his audience is…Rep. Jeb Hensarling -
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Jeb Hensarling Slams Export-Import Bank Supporters for Seeking ‘Special Privilege’
The chairman of the House Financial Service Committee scolded the leaders of Boeing and National Association of Manufacturers for their lobbying efforts to preserve the Export-Import Bank. In a letter to Boeing chief executive James McNerney and National Association of Manufacturers chief executive Jay Timmons, Rep. Jeb Hensarling characterized the reauthorization debate as a decision…Philip Wegmann -
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An Interactive Timeline of the Export-Import Bank
See the history of the Export-Import Bank—from its inception in 1934 through the current debate over its reauthorization—in The Daily Signal’s interactive timeline. Use the arrows to advance or jump to an event using the scrollbar at the bottom.Philip Wegmann -
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Export-Import Bank Creates Unfair Playing Field For American Business
You can tell a lot about a piece of legislation by looking at who is for it and who is against it. The battle over whether to keep the Export-Import Bank alive is a case in point. The Ex-Im Bank was established during FDR’s administration to encourage more trade with the Soviet Union. The Soviet…Genevieve Wood -
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Paul Ryan on Export-Import Bank: ‘I Want to Get Rid of It’
Rep. Paul Ryan, chairman of the House Budget Committee, spoke today of his support for ending the Export-Import Bank. “I want to get rid of it,” Paul said of the bank. The bank’s charter is set to expire Sept. 30, unless Congress votes to reauthorize the bank. The Wisconsin Republican labeled the institution a manifestation…Philip Wegmann -
- Opinion
6 Reasons Lawmakers Shouldn’t Reauthorize the Export-Import Bank ‘With Reforms’
Export-Import Bank advocates believe it should be reauthorized "with reforms” before the bank’s charter expires Sept. 30. But lawmakers already tried that in 2012. The infographic below highlights some of the reforms Congress ordered the bank to make during the last reauthorization fight that failed to happen. Read more: Export-Import Bank Didn’t Make 2012 Reforms…Kelsey Lucas -
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Ending the Export-Import Bank Is All About Governing
This morning I read a piece in Politico about a difficult choice for Rep. Jeb Hensarling, chairman of the House Financial Services Committee: reauthorize the Export Import Bank or let its charter expire? Specifically, the reporters describe his options as preserving the bank with the promise of future reform (that’s what they promised the last…Jim DeMint -
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Export-Import Bank Didn’t Make 2012 Reforms Ordered by Congress
“Reauthorize with reforms.” That’s the new mantra from supporters of renewing the charter of the Export-Import Bank. But a review of reforms that Congress ordered the bank to make during the last reauthorization fight shows the agency has done little to remedy issues identified by the lawmakers in 2012. Some House Republicans view reforms as…Melissa Quinn -
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Schumer Plans to ‘Pressure’ House to Save Export-Import Bank
Advocates of pulling the plug on the Export-Import Bank are girding to resist what they see as a “blatantly partisan maneuver” in the Senate to save the agency. They’re talking about Sen. Chuck Schumer, D-N.Y., who promises the Senate will take up and pass a bill to reauthorize the 80-year-old bank before Congress leaves for…Melissa Quinn -
- Opinion
Why We Must Get Rid of the Export-Import Bank
When the U.S. Chamber of Commerce aligns with a disciple of Fidel Castro and hires a working-class hero to lobby Congress, when a liberal economist like Paul Krugman sympathizes with the CEOs of Boeing, Bechtel, and General Electric, it is obviously not business as usual on Capitol Hill. Welcome to Ex-Im 2014. For those with…Diane Katz -
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Report: House GOP Support for Axing Export-Import Bank Holds Steady
With 26 legislative days left before the Export-Import Bank’s charter expires Sept. 30, a preliminary count of the agency’s supporters and opponents finds that 40 percent of House Republicans are against extending its life. According to an analysis conducted by The Hill newspaper, four in 10 House Republicans — 93 or so of the chamber’s 233 majority…Melissa Quinn -
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Ralph Nader Calls for Ending ‘Secretive’ Export-Import Bank
Consumer advocate and former presidential candidate Ralph Nader called for the end of the Export-Import Bank in an exclusive interview today with The Daily Signal. “I think it needs to be abolished, and if there is a legitimate need for export markets for U.S. products, there’s plenty of money in the private sector to provide for loans,”…Melissa Quinn -
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John Stossel: Crony Capitalism at the Core of Export-Import Bank
As business leaders and members look to shift their strategy to gain back splintering support for reauthorizing the Export-Import Bank, Fox Business host John Stossel and George Mason University economist Don Boudreaux on Friday hit hard at the federal agency on his show.Marguerite Bowling -
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Lawmakers Spar Over Whether to Renew Export-Import Bank
Republicans and Democrats on the House Financial Services Committee faced off today at a hearing on the future of the Export-Import Bank and its role in subsidizing companies such as Boeing, Caterpillar and General Electric. Rep. Jeb Hensarling, R-Texas, chairman of the committee, established the narrative early into the hearing that although the 80-year-old federal agency is a boon…Melissa Quinn -
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Marco Rubio: It’s Time to End Export-Import Bank
Sen. Marco Rubio, R-Fla., today joined the growing list of conservatives speaking out against reauthorization of the Export-Import Bank. On CNBC’s “Squawk Box,” Rubio said it was time for the bank—which provides taxpayer-backed loans to foreign companies and governments to buy U.S. products—to end. Unless Congress acts to save it, the bank’s charter expires Sept….Melissa Quinn -
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A Taxpayer’s Guide: Export-Import Bank Under Microscope at House Hearing
Rep. Jeb Hensarling today convenes the House Financial Services Committee for a much-anticipated hearing on the fate of the U.S. Export-Import Bank, a federal agency that the Texas Republican says has a well-deserved reputation for corporate welfare and cronyism. The Export-Import Bank, which provides taxpayer-backed loans to foreign companies and governments to buy U.S. products, turned…Melissa Quinn