Head of conservative House Freedom Caucus: Let Ex-Im Bank ‘expire’

Rep. Jim Jordan (R-Ohio), the chairman of the conservative House Freedom Caucus, said Tuesday that Congress should let the Export-Import Bank expire this year.

The charter for the Export-Import Bank, which promotes U.S. exports, will expire on June 30 unless Congress renews it.

Jordan cited the widespread opposition to the bank among GOP presidential candidates, House Financial Services Committee Chairman Jeb Hensarling (R-Texas), Majority Leader Kevin McCarthy (R-Calif.), Majority Whip Steve Scalise (R-La.), Ways and Means Committee Chairman Paul Ryan (R-Wis.) and conservative activist groups. 

{mosads}”When are the stars going to line up better for that position than now?” Jordan said during an event on Capitol Hill hosted by the Heritage Foundation.

Jordan argued that it would be easy for Congress to simply ignore the deadline and let the bank, which he called “corporate welfare,” lapse.

“The best thing is to do nothing, which is something Congress is usually pretty good at, and just let it expire,” Jordan said.

“So we need to make the argument and let the American people know this is the bridge to nowhere for corporate welfare. This is that bad. Corruption, cronyism, everything that people despise about government and the way this town seems to work sometimes, is contained in the Export-Import Bank,” Jordan said.

Opposition to renewing the Export-Import Bank from the other members of the Freedom Caucus would create a significant obstacle if House GOP leadership chooses to bring a bill reauthorizing the bank to the floor.

A coalition of more than 50 conservative groups, including Americans For Prosperity, Americans For Tax Reform, Club For Growth, Freedom Partners and FreedomWorks, sent a letter to lawmakers this week urging them not to reauthorize the bank.

Other Republicans and many Democrats, meanwhile, argue that the bank helps support economic growth in emerging markets ignored by the private sector.