U.S. Sen. Dick Durbin (D-Ill.) is frustrated over how re-authorization for the Export Import Bank is going in Congress. Authorization for the bank, in business since 1934, expires at the end of May. Supporters say it’s essential to financing export deals that corporate banks deem too risky, but which American businesses find essential to making deals happen.
Click here for summary
Durbin, who supports the bank, says something funny happened when a reauthorization bill with bipartisan sponsorship came up for a cloture vote: Republican support evaporated. “I can’t believe that we lost the vote on the floor of the Senate for the Export Import Bank,” Durbin said. “If you take a look at some of those on the other side of the aisle who voted against it, they’re co-sponsoring the bill!” Critics of the bank say it favors politically connected companies and interferes with the free market. Further negotiations are taking place. Some of the Republicans who voted against cloture have asked the Senate majority leader for another chance. U.S. Rep. Don Manzullo (R-Egan) has introduced a bill in the House to extend authorization to 2015 and to increase the bank’s financing authority.