Rep. Justin Amash (R – S.D.) — along with Sen. Mike Lee (R – Utah) in the Senate — introduced a bill to re-kill the Export-Import Bank after it was revived earlier this year.
“…the Export-Import Bank Termination Act of 2017, would shut down the “crony bank, which subsidizes loans for a few politically connected corporations at the expense of American businesses and taxpayers.”
“The Export-Import Bank is a prime example of Washington’s addiction to political cronyism,” Amash said of the bank. “Instead of allowing businesses to compete in a free market, politicians pick winners and losers. Meanwhile, taxpayers assume the financial risk for the bank’s federally backed loans while a few corporations pocket the profits.”
The Ex-Im Bank has long been a thorn in the side of conservatives and libertarians alike. As 2016 came to a close, it looked like the Ex-Im Bank might actually expire with Republicans controlling both houses of Congress and the White House. But, alas, Republicans under Mitch McConnell and Paul Ryan revived the bank at the 11th hour.
The bill is unlikely to pass as trade experts who oppose Ex-Im see little will to change status quo when politics are involved.
Export subsidies are bad. But this won't happen bc politics.
— Scott Lincicome (@scottlincicome) June 30, 2017
The best outlook for Amash and his co-sponsor in the Senate, Mike Lee, is probably a hearty “you tried.”