When I caught this post from The Hill that the Senate had approved the Export-Import bank vote, it certainly rang a bell with me. Indeed, Obama changed the charter back in February without so much as a ” how did he do that” comment from much of anyone. He trashed the charter so he could compete with U.S. banks and give out money to the greenies. First the good news:
The Senate passed legislation reauthorizing the Export-Import Bank on Tuesday after voting down five amendments that would have limited the program’s scope and power.
The passage of the bill, in a 78-20 vote, sends the legislation to President Obama, who is expected to sign the reauthorization, which runs through September 2014.
The reauthorization also ends an unexpectedly long fight on Capitol that divided the Republican Party.
The Export-Import Bank is generally considered a noncontroversial bill, but it came under attack this year from conservatives who argued it was a form of corporate welfare that distorted free trade.
Obama trashes Import Export Bank Charter – February 19, 2012
Here he goes again. Throwing out the Charter to the Import-Export bank. What was in effect for 80 years, he just says now that is an annoyance. Best part is that he will no doubt give preference for Green companies. He is moving on to finalize the taking over of all banking, you betcha. If he gets by with this, there will be no end if he subverts Bank Charters. GOP? I can’t hear you! American Thinker has the whole thing, if you have the stomach for it on a Sunday.
Acting without any legal authority, President Obama has overridden the federal charter of the Export-Import Bank, and turned it into a competitor for domestic loan business, in utter defiance of the law. Hardly anyone has noticed or seems to care. Speaking at a Boeing assembly plant in Everett, Washington Friday, President Barack Obama announced a bold new plan to help American exporters: he would broaden the services of the Ex-Im Bank to help grow our exports.
He has also announced that he will order the Ex-Im Bank to begin making short-term financing loans of six to twelve months — not necessarily connected to any export sales! — to small domestic firms who want to increase their exporting activity. That’s so open-ended, it can mean anything and include any company. Not that there’s anything wrong with loans to small businesses; it’s just that this is not the job of the Ex-Im Bank. Short-term loans to domestic businesses are for normal domestic banks to offer; that’s what the business department of every bank in the country is for!
Well, if there’s one thing we’ve learned from watching the Obama Administration in action for three years, if there’s anything they despise, it’s pesky laundry lists of rules that limit executive desires.
Read more: Amercan Thinker