Please send more members to Congress. The House just passed legislation that is offensive to free market capitalism reauthorizing the Export-Import Bank. And only 93 conservative Representatives opposed.
Conservative cheers to Rep. Tom McClintock (R-CA) for making a speech on the House floor discussing the reasons why it is a terrible idea to reauthorize the crony capitalist Ex-Im Bank.
A bill to reauthorizes the Ex-Im Bank through 2014 with $40 billion in expanded loan authority passed on a 330-93 vote. I penned a piece here explaining 10 good reasons why reuthorization of the Export-Import Bank is unwise and not conservative.
From The Hill
Republicans and Democrats in the House offered a rare glimpse of bipartisan cooperation on Wednesday by overwhelmingly approving legislation to reauthorize the Export-Import Bank. But 93 Republicans voted against the legislation in the 330-93 vote, highlighting conservative angst about the issue. Opponents included Rep. Paul Ryan (R-Wis.), the author of the House GOP budget and a conservative seen as a leading contender to be the party’s vice presidential candidate.
One interesting political development with the passage of this bill is that now the Obama Administration and Congressional Democrats can declare victory because this bill was part of the “Make It in America” agenda.
Democrats in particular praised the bill as an element of their “Make It in America” agenda, most of which House Republicans have ignored, and welcomed the bipartisan agreement to move it ahead.
This looks like a classic lose-lose proposition for conservatives. They lost a vote and they provided a big signing ceremony victory to the Obama Administration. Congrats!
The only speed bump slowing the bill down before President Obama signs the bill is the United States Senate. We shall see who in the Senate stands up against the federal government picking winners and losers through the government sanctioned Export-Import Bank.