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PA-Sen: Toomey Requests Liquidation Plan from Export-Import Bank

Pat ToomeySeveral GOP senators, including Pat Toomey, are wasting no time trying to rid of the Export-Import Bank.

Just two days after the Ex-Im Bank’s charter expired, Toomey – along with Senators (and presidential candidates) Marco Rubio, Ted Cruz and Rand Paul, as well as Sens. Mike Lee and Ben Sasse – wrote to the chairman and president of the Bank to “request clarity on your plan for orderly liquidation,” according to a report by The Hill.

The Ex-Im Bank is federal institution that helps small businesses sell their products and reach new markets around the world, but it will no longer be able to do any new business.

“Even though the Ex-Im Bank is fully funded through the end of the fiscal year, it is now prohibited from acquiring new obligations, it is now prohibited from acquiring new obligations, assuming new liabilities, and issuing new bonds and debts,” the six senators wrote to Ex-Im chief Fred Hochberg.

The lawmakers asked Hochberg to return a detailed report on how the Bank will be dissolved by June 15th. In this report, they want to know which employees are needed to liquidate the Bank and what will happen to its board of directors.

The report should also include the return of the Bank’s properties to the General Service Administration, as well as an estimate of how much money the government could saving by shuttering the Bank now, the senators wrote.

Although the Ex-Im Bank is currently dead in the water, it may be given a lifeline as part of a highway bill which is to be introduced later this month. The Ex-Im Bank is not wildly popular in Congress, but may have just enough support from across the spectrum to be revived.

Last July, with the Ex-Im Bank’s charter set to run out, Democratic Sen. Bob Casey trumpeted the “vital importance” of reauthorizing the charter for the 80-year-old institution.

In the most recent Ex-Im debates, GOP Rep. Bill Shuster became a darling of the Chamber of Commerce for fighting to keep the Bank in existence.

2 Responses

  1. The Ex-Im Bank should have passed out of existence a long time ago. I’m glad that Pat Toomey gets this, even though my idiot Congressman Bill Shuster doesn’t.

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