Clinton attacks Republicans over Ex-Im Bank in New Hampshire

Reuters

Published May 22, 2015 01:58PM ET

Clinton attacks Republicans over Ex-Im Bank in New Hampshire

By Jonathan Allen and David Lawder

HAMPTON, N.H./WASHINGTON (Reuters) - Hillary Clinton on Friday voiced strong support for keeping the U.S. Export-Import Bank open and accused Republican opponents who want to close the export-promoting lender of putting American jobs at risk.

Clinton, the front-runner for the Democratic presidential nomination in 2016, said it would be "wrong" to dismantle the bank because it helps U.S. businesses sell goods in a fiercely competitive global market.

"The idea that we would remove this relatively small, but vital funding for our businesses to compete is absolutely backwards," Clinton said at a New Hampshire craft brewery, where she met with small business owners.

Many conservative Republicans, backed by outside political advocacy groups, want to kill the Ex-Im Bank by letting its charter expire on June 30. They say the bank puts public funds at risk and fosters "crony capitalism" by injecting government interference into private markets.

Some of the bank's biggest beneficiaries, including General Electric (NYSE:GE) Co and Boeing (NYSE:BA) Co, say closing Ex-Im will lead to the loss of billions of dollars in export deals to overseas competitors that enjoy government financial support, hurting small businesses in their supply chains.

Clinton chided Republican presidential candidates who have pledged to close the bank, including Senators Marco Rubio of Florida and Ted Cruz of Texas. She said they have been pandering to the Tea Party and billionaire conservative donors such as the Koch brothers.

Undeclared Republican contenders Jeb Bush and Wisconsin Governor Scott Walker also have said they oppose the bank.

"It is wrong that candidates for president, who really should know better, are jumping on this bandwagon," Clinton said. "It's embarrassing."

Republican Representative Jeb Hensarling of Texas, a vocal critic of the bank in Congress, said Clinton was a "natural cheerleader" for the bank because of her ties to big corporations.

"If Mrs. Clinton truly wants to help small business and exporters, she would be an outspoken supporter of trade promotion authority, pro-growth tax reform, the Keystone pipeline and real regulatory relief," Hensarling said in a statement.

Hensarling, a powerful committee chairman, has declined to move a bill to renew the bank's charter. Republican leaders in the Senate on Thursday promised that there would be a vote on renewing the bank's charter in June.