A couple of weeks ago GOP Congressman [mc_name name=’Rep. Adam Kinzinger (R-IL)’ chamber=’house’ mcid=’K000378′ ] wrote an overwrought, panties-twisted-to-restrict-blood-flow-to-the-nether-regions, op-ed on the subject of the Export Import Bank:
Some so-called “think tanks” in Washington, D.C., even create score cards, often contrived and authored by young, unelected people, simply to drive the fundraising effort that pays their salaries. Just look at your recent emails or pleas for cash. It’s not uncommon to read “we are the ones keeping the GOP pure,” or “purge the RINOs.” These profiteers hijacking the tea party label for their own self-interest are neither Republicans nor conservatives, and they certainly don’t represent the best of any wing of our party.
What does it take to be a real conservative today according to those false prophets? It often requires voting against the Republican agenda, preventing our majority from acting its will and requiring leaders to beg [mc_name name=’Rep. Nancy Pelosi (D-CA)’ chamber=’house’ mcid=’P000197′ ] for votes to pass do-or-die legislation. A few years ago, we prided ourselves on protecting small business; today, the prophets attack the Chamber of Commerce. We used to take pride in our exports and manufacturing; today, the “profits” call Ex-Im Bank an anathema, despite every industrialized nation having one. We used to be the party for a strong national defense, but the “profits” say keeping the ruthless sequester on our military is a top priority.
Really. This sounds much more like something you’d hear from a bunch of middle school girls than from an adult of any party. We’ve documented, over a period of time, the degree to which that the Export-Import Bank is nothing more than a nest of corporate greed and corruption. Most Ex-Im Bank loan guarantees go to a very small number of companies, indeed, 93% of all Ex-Im Bank loan guarantees go to just 10 corporations
The Ex-Im Bank has even provided loan guarantees to Russian companies under US sanctions. Unfortunately, Kinzinger has been selling his integrity at a Blue Light Special by his shameless fluffing for this disreputable morass of fraud.
Now Christine Brim, writing at The Federalist, reports on how Obama has opened the door for the Ex-Im Bank to make loans in Iran.
The innocuous-sounding wording from the July 14 Joint Comprehensive Plan of Action appears three times, in the General Provisions, Annex II, and Annex V: “Terminate Executive Orders 13574, 13590, 13622, and 13645, and Sections 5 – 7 and 15 of Executive Order 13628.”
President Obama can terminate those executive orders dealing with Iran on his own, according to the Congressional Research Service. CRS noted that four of those executive orders—13590, 13622, 13628 and 13645—ban Ex-Im Bank financing for sanctioned entities, and are administered by the bank’s president:
Once the Iran deal goes into effect in early 2016, all five executive orders limiting Ex-Im Bank financing will be terminated.
Executive Order 13590 “Prohibits Ex-Im Bank from entering into transactions with sanctioned person[Iranian entity]”; Executive Order 13622 “Prohibits Ex-Im financing, designation as a primary dealer of U.S. debt instruments, access to U.S. financial institutions”; Executive Order 13628 “Further prohibits U.S. financial institutions from making loans or credits, foreign exchange transactions, and transfers or credits between financial institutions”; and Executive Order 13645 “Requires the Secretary of State to impose restrictions on financing (Federal Reserve, Ex-Im Bank, commercial banks) on those found to engage in significant transactions related to Iran’s automotive sector.”
What of the fifth “terminated” Executive Order 13574, which CRS says “Prohibits U.S. financial institutions from making loans or credits, or engaging in foreign exchange transactions”? Although the executive order doesn’t mention the Ex-Im Bank specifically, it has been cited repeatedly to block Ex-Im financing for sanctioned companies, in 2011, 2013, and 2014.
Once the Iran deal goes into effect in early 2016, all five executive orders limiting Ex-Im Bank financing will be terminated. Without those executive orders, the Ex-Im Bank will have limited authority to block financing even for the businesses of Iran’s government and the Iranian Revolutionary Guard Corps, including the hundreds of IRGC front companies widely expected to benefit from the Iran deal. The president can waive all the laws that could still block Ex-Im Bank financing—the ITR, ISA, and CISADA—according to the Ex-Im Bank’s “Iran Sanctions Activities Certification” form.
What a re-authorization of the Export-Import Bank would signify would be a complete and abject surrender of the United States to Iran. Those ‘moderate’ Republicans who voted against the Iran nuclear deal and votes for the Export-Import Bank are a fraud. But we already knew that.