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Ex-Im Bank Alive But Not Well Thanks to Shelby

By Doug Messier
Parabolic Arc
February 18, 2016
Filed under
Sen. Richard Shelby

Sen. Richard Shelby

The Seattle Times reports on continuing problems at the Ex-Im Bank:

Hilliard’s Beer founder Ryan Hilliard was among numerous Washington business owners who breathed a sigh of relief when the Export-Import Bank was reauthorized by Congress in December.

But although the bank reopened, it’s still hobbled by an ongoing political battle. It lacks enough board members to approve transactions larger than $10 million, which affects major exporters such as Boeing, General Electric and Caterpillar….

Senate Banking Chairman Richard Shelby, R-Ala., has not allowed hearings to approve nominees for the Ex-Im Bank board.

[Ex-Im Chairman Fred] Hochberg said the board needs only one more member to have a quorum and start moving a backlog of more than $10 billion worth of $10 million-plus deals. That includes six transactions worth $2.6 billion from state exporters.

The Ex-Im Bank has become an important player in the satellite and launch industries in recent years.

Read the full story.

4 responses to “Ex-Im Bank Alive But Not Well Thanks to Shelby”

  1. Charles Lurio says:

    Wow, the perfect hypocrite. Endless billions of pork to his state for SLS, while standing on ‘conservative principles’ re Ex-Im and undercutting multi-billion $ businesses nationwide.
    Shelby deserves to have his bust in the Capitoline Museum in Rome next to all the most ’eminent’ Emperors like Caligula, Domitian, Commodus and Caracalla….

  2. Larry J says:

    The Ex-Im is also known as “The Bank of Boeing.” The vast amount of transactions handled by the Ex-Im are for the benefit of only a very small number of companies. Meanwhile, 98% of US exports don’t use the Ex-Im Bank. This is an example of crony capitalism. I don’t like Shelby and will vote against him in the primary, but on this issue he isn’t wrong.

  3. windbourne says:

    Lol. The GOP REFUSES to simply do their jobs. Sadly, ppl like Shelby will be voted in again.

    • James says:

      What was it?

      “When the people find that they can vote themselves money that will herald the end of the republic.”
      ― Benjamin Franklin

      Modern American politics in a nutshell.

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