Export-Import

Republicans move to revive government bank loathed by conservatives

The Export-Import Bank has become a flashpoint between GOP leadership and the activist right.

By Jake Sherman and Lauren French

Supporters of the Export-Import Bank have secured enough Republican support to bring an extension of the agency's charter to the House floor later this month, according to sources involved in the whipping.

More than 30 Republicans have signed on to a discharge petition, which would force a vote on reauthorizing the government-backed credit agency. Republicans expect at least a dozen more supporters. The vast majority of Democrats are expected to sign the discharge petition, a rarely invoked procedural maneuver that sidesteps the committee process.

If the numbers hold, there is nothing the GOP leadership could do to stop a vote on an extension.

A renewal of the bank's charter would likely come to the floor after Oct. 21, when the discharge petition ripens. Rep. Stephen Fincher (R-Tenn.), a longtime supporter of the bank, is leading the effort. Rep. Steve Stivers (R-Ohio), who is a key figure in the whipping effort, said he believes the bill will "pass soon."

"The Ex-ImBank is important for jobs, and it generates a profit for government," Stivers said, adding that the reauthorization bill is backed by 67 senators and almost 300 House members. "Unfortunately, this bill has not yet moved to the Housefloor. I believe it will pass soon."

Stivers added that he hopes the bank can be reauthorized without resorting to a discharge petition, "but that provision is in our rules for circumstances just like this."

House Minority Leader Nancy Pelosi (D-Calif.) told reporters Thursday that Democrats would back the effort if Republicans can round up enough support.

“Let’s see what the Republicans put on the table, but I think this could be very hopeful," Pelosi said. “It will be really important for us to see how many signatures Republicans have on the discharge petition."

She continued, "We’ll have an overwhelming vote if they bring the bill to the floor, but we want to see what number they have. I’m excited about it. If the Republicans have enough people on their discharge position then we will join in and go from there. I’m optimistic that they will, from what I hear from the other side.”

The Export-Import Bank has become a flashpoint in the ongoing battle between conservatives and Speaker John Boehner, who announced his resignation last week effective Oct. 30. Boehner (R-Ohio) has said "thousands of jobs" were at risk if the Export-Import Bank were to shut down, and he supports reforms or a gradual wind-down of the institution.

Majority Leader Kevin McCarthy (R-Calif.), the favorite to become the next speaker, as well as Financial Services Chairman Jeb Hensarling (R-Texas) and Majority Whip Steve Scalise (R-La.), oppose renewing the bank's charter.

The Export-Import Bank’s charter expired at the end of June, and GOP leaders have avoided bringing legislation to the floor to reauthorize it due to strong opposition from conservatives inside and outside Congress.

There has not been a successful discharge petition since the McCain-Feingold campaign finance legislation passed in 2002.