At the present moment, the Roy Hill deal will go to Congress for review and additional comment because it exceeds $100 million. In its review, Congress should publicly oppose the transaction for obvious reasons starting with its negative impact on American workers. Unfortunately, a review is the extent of Congress’ powers, as it merely serves an advisory role in these matters. Ex-Im’s Board will be given the final say and rarely does it ever reverse its stance after preliminary approval.
This is exactly why Congress must now work to eliminate the Bank’s charter altogether when it has the opportunity in 2014. Ex-Im should not have the unilateral authority to intervene into markets and provide loans worth half a billion dollars to American competitors which are guaranteed by the same taxpayers who are losing their jobs as result of it. This government agency is inflicting enormous damage onto American companies and the people they employ.
The time has come for Congress to put an end to a government bureaucracy that has run amok while using the full faith and credit of the American people to the benefit of foreign billionaires and detriment of domestic middle class families. Something has got to give. It’s time for Congress to exhibit good common sense and finally close down the Ex-Im Bank.