The Tea Party Is Trying To Kill The Export-Import Bank - And Rick Perry Is Trying To Save It
AP
In a letter to congressional leaders and copied to the Texas congressional delegation, Perry said failure to reauthorize the bank would cost the U.S. jobs and drive up the cost of U.S. goods. Perry also said Texas, the largest exporting state in the nation, would see the biggest negative effect.
Congress is in the midst of an increasingly heated debate about whether to reauthorize the bank's charter, which expires at the end of September.
The fight has made unusual alliances - the White House, Democratic leaders, and many pro-business Republican leaders and groups support the charter's renewal, while Tea Party-aligned politicians and groups and some liberal Democratic lawmakers stand in opposition. There are rumblings the dispute could even lead as far as the second federal government shutdown in two years.
Leading the push to close the bank has been Rep. Jeb Hensarling, a fellow Texas Republican. He is the chair of the powerful House Financial Services Committee.
Hensarling has called the Ex-Im Bank an example of "corporate welfare" and government-sponsored cronyism, but Perry's letter directly countered those points. The bank provides direct loans, guarantees, and credit insurance to aid foreign purchasers in buying American-made goods.
Perry said a failure to reauthorize the bank's charter would put Texas' business at a competitive global disadvantage, providing 10 examples of companies in the agricultural, manufacturing, and technology sectors.
"I understand some are concerned about the bank, but if there are ways to improve the program by making it more transparent, I would encourage you to do so as part of the reauthorization," Perry wrote.
"To unilaterally disarm by not reauthorizing the Ex-Im Bank puts American companies at a disadvantage in their ability to compete in the global marketplace, will cost jobs, and will drive up prices for American-made goods."
Here's Perry's full letter:
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- One of the world's only 5-star airlines seems to be considering asking business-class passengers to bring their own cutlery
- Vodafone Idea FPO allotment – How to check allotment, GMP and more
- Best flower valleys to visit in India in 2024
- Nifty sees modest gain, Sensex inches higher; Market sentiment remains cautious amid global developments
- Heatwave: Political parties focusing more on evening meetings, small gatherings
- 9 Most beautiful waterfalls to visit in India in 2024
- Reliance, JSW Neo Energy and 5 others bid for govt incentives to set up battery manufacturing units