Ex-Im Bank Renewal Jeopardized by Cantor Loss, Says Paulsen
MINNEAPOLIS -- The impending departure of House Majority Leader Eric Cantor, R-Va., from the ranks of Republican leadership is instilling uncertainty in the effort to renew the Export-Import (Ex-Im) Bank prior to its looming Sept. 30 expiration date, said Rep. Erik Paulsen, R-Minn., at the American Association of Exporters and Importers (AAEI) annual conference on June 17. Cantor lost his primary bid last week, and later announced he will step down from the leadership role on July 31. Although Cantor’s ouster will not likely impact the broader trade agenda, Ex-Bank renewal is an “open question” due largely to opposition from House Financial Services Committee Chairman Jeb Hensarling, R-Texas.
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Hensarling has repeatedly rejected reauthorization of the bank over recent months (see 14052123). The bank falls under House Financial Services jurisdiction, and Hensarling will therefore pose a significant obstacle to advancing reauthorization legislation, said Jennifer McCadney, an attorney at Kelley Drye and a former staffer at the House Ways and Means Committee, at a June 17 conference panel. “He views Ex-Im bank as a corporate welfare program, so getting it out of his committee is going to be very difficult,” said McCadney. Cantor “played an instrumental role in getting Ex-Im Bank extended last time it expired. The program has been extended at least 15 times with bipartisan support, but with Cantor’s departure it’s going to become a little bit more uncertain.”
House Majority Whip Kevin McCarthy, R-Calif., is widely expected to win his bid this week to replace Cantor as majority leader (here). Considering his ideological similarities with Cantor, he is, however, expected to press forward on reauthorization, said McCadney. “He’s very similar to Cantor on these issues so if he’s able to bring his caucus along, maybe there might be some action on Ex-Im bank [prior to expiration].” -- Brian Dabbs