Obama trashes Import-Export Bank, now competes with Banks

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.

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.

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!

Read more: Amercan Thinkerdiv>

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