A bipartisan coalition voted to renew the Export-Import Bank yesterday, marking another huge loss for the Koch brothers. It’s unclear whether the Senate will follow suit considering the many vulnerable Republicans leaning on the Kochs for their re-election, but either way, today marks a victory for the American economy and a hit to the Kochs’ bottom line.
Read more about the effort against the Kochs below:
A bipartisan
discharge petition on the reauthorization of the Export-Import Bank reached the necessary 218 signatures this afternoon, according to POLITICO’s Jake Sherman. The petition will force the bill out of the House Financial Services Committee and to a vote on the floor on October 26.
After a huge lobbying effort from the Kochs and their biggest front group, Americans for Prosperity, the Ex-Im expired at the end of June. By dismantling the 81-year-old bank, Republicans put American jobs and the economy at risk, all because their billionaire puppet masters want to boost their bottom line.
In a recent Forbes interview with Charles Koch, the Koch network even took credit for “succeed[ing] in killing the Export-Import Bank.”
The Ex-Im has been essential to keeping American companies competitive around the world. Already since its expiration, General Electric has announced it will be forced to ship 500 American jobs overseas.
As the effects of the expiration become clear, some Republicans have teamed up with Democrats to do what’s best for the economy and their constituents. Now those members will face retribution from the Kochs. Even before news broke that the discharge petition reached 218, Koch front group AFP warned that there “absolutely will be consequences” for members who refuse to fall in line.
As revealed in a recent Bridge Project report, “Banking on Obstruction: Koch Profits Behind Opposition to Ex-Im Bank,” the Kochs have made opposing the Ex-Im Bank a key factor in gaining their support because killing the bank boosts the billionaires’ bottom line. While Koch-owned companies have received a modest $16.2 million from the Export-Import Bank, Koch competitors have received massive benefits to the tune of $19.4 billion.
Koch-crony Mitch McConnell was quick to come out against the reauthorization when the news broke, saying “the Senate is not going to spend a week on a bill that the leader doesn’t support.” Meaning, that for now at least, the Kochs’ bottom line is safe, but the latest success against the Koch agenda shows a glimmer of hope for hard working Americans.
