House GOP Leader: It?s Time to ?Wind Down? Export-Import Bank

by David Brody: House Majority Leader Kevin McCarthy (R-CA) says that it's time to "wind down" the Export-Import Bank.

"This is a place the speaker [John Boehner (R-OH)] and I disagree upon,"McCarthy says. "I think this is an opportunity to wind down the bank because I think private sector can fill that void."

The Export-Important Bank is shaping up to be a divisive issue on Capitol Hill. Congress has until June 30 to decide whether they will reauthorize the bank or not. So far, 89 lawmakers, including McCarthy, have publicly stated their opposition.
The federal government created it more than 80 years ago as a way to help U.S. companies with exports. The idea was to provide financial backing and guarantees to projects and deals that faced uncertainty.

Today, both Republican and Democratic lawmakers say it has turned into a corporate welfare system, in which big corporations get unnecessary subsidies paid for with taxpayer dollars. Recent congressional investigations show that the bank has been hampered by inefficiency, fraud and government waste.

The bank's supporters include the U.S. Chamber of Commerce, which this week launched an advertising campaign, hoping to convince lawmakers in both parties to support reauthorization.

The Daily Signal video: The Debate Over the Export-Import Bank, Explained in 90 Seconds:
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David Brody,(@TheBrodyFile) the chief political correspondent at CBN News, is a contributor to The Daily Signal.

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