House GOP leader-elect Kevin McCarthy: Let the Export-Import Bank die
posted at 7:21 pm on June 23, 2014 by Erika Johnsen
Wow. Maybe the GOP leadership actually picked up on some of the anti-crony capitalism/corporate welfare sentiment reverberating off of Eric Cantor’s primary defeat after all, because back in 2012, McCarthy voted to reauthorize the Export-Import Bank — but this outright acquiescence to the growing campaign to let the bank’s charter expire for good on September 30th is not going to be a welcome development for a lot of K-Streeters. The relevant Export-Import question comes in just after the six-minute mark:
CHRIS WALLACE: Authority for the Export-Import Bank, which backs, supports, helps encourage, the selling of U.S. products overseas, expires in September. Do you agree with conservatives who say that the Export-Import Bank is a form of crony capitalism that should be put out of business? Allowed to expire?
KEVIN MCCARTHY: One of the biggest problems with government is that they go and take hard-earned money so others do things that the private sector can do. That’s what the Ex-Im Bank does. The last authorization with the Ex-Im Bank directed the president and the treasury secretary to wind down the Ex-Im bank, negotiate with the other countries to wind them down so we have a level playing field. We’ve got hearings going on next week in Financial Services, which I sit on. I think Ex-Im Bank is one that’s something government does not have to be involved in. The private sector can do it.
CHRIS WALLACE: So, straightforward question, you can say right here. You would allow the Ex-Im Bank to expire in September?
KEVIN MCCARTHY: Yes, because it’s something that the private sector can be able to do.
Breaking on Hot Air