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Democrats defy Waters on Ex-Im Bank crackdown
Source: Politico
House Democrats are poised to challenge a deal negotiated by Rep. Maxine Waters that would impose new restrictions on the Export-Import Bank, the first show of resistance among members of the Financial Services Committee since she became chairwoman in January.
The new legislation that the California Democrat drafted with the finance panel’s top Republican, Rep. Patrick McHenry (R-N.C.), would renew the agency’s operations for seven years and expand its capacity to offer loan guarantees to foreign buyers of U.S. exports. Without action, the bank's charter would expire at the end of September.
But the proposal unveiled Tuesday night, which will be up for a committee vote as soon as next week, imposes limitations on the agency that are rattling some centrist Democrats. That includes disclosure requirements for large manufacturers like Boeing that benefit the most from Ex-Im's financial guarantees, as well as restrictions on their deals in China.
“Its premise seems to be basically hostile,” said Rep. Denny Heck (D-Wash.), one of the bank’s fiercest advocates whose state has about 70,000 Boeing employees.
The new legislation that the California Democrat drafted with the finance panel’s top Republican, Rep. Patrick McHenry (R-N.C.), would renew the agency’s operations for seven years and expand its capacity to offer loan guarantees to foreign buyers of U.S. exports. Without action, the bank's charter would expire at the end of September.
But the proposal unveiled Tuesday night, which will be up for a committee vote as soon as next week, imposes limitations on the agency that are rattling some centrist Democrats. That includes disclosure requirements for large manufacturers like Boeing that benefit the most from Ex-Im's financial guarantees, as well as restrictions on their deals in China.
“Its premise seems to be basically hostile,” said Rep. Denny Heck (D-Wash.), one of the bank’s fiercest advocates whose state has about 70,000 Boeing employees.
Read more: https://www.politico.com/story/2019/06/21/maxine-waters-export-import-bank-1545742
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