The bank has had mixed success on that front. It aids the very small businesses that Republican critics say are being put at a competitive disadvantage by the program. Critics, including the House Tea Party caucus, say it unduly benefits insiders who know how the system works.Įx-Im’s fate may hinge on the success Nelson and other small entrepreneurs have in convincing their lawmakers that the agency isn’t just a sink where tax money disappears into global companies like Boeing, Corp. products, credit guarantees to American companies and credit insurance to aid exports. The 80-year-old bank provides about $37 billion a year in direct loans to foreign buyers of U.S. With two-thirds of his business and perhaps half of his company’s 100 jobs dependent on deals Ex-Im helps finance, “I need to meet with Kevin McCarthy and let him know, this is not a good thing for America.” “It would be a disaster for our company,” if the Ex-Im Bank is shuttered as McCarthy and a faction of House Republicans hope, said Nelson, president of ProGauge Technologies, Inc., who said he voted for McCarthy. Nelson’s small oilfield equipment company is part of new House Majority Leader Kevin McCarthy’s district, and he wants the suddenly powerful politician to know that the Republican right’s war on what it sees as “crony capitalism” at the export credit agency could claim hometown casualties. Export-Import Bank is Washington’s latest political tempest, then Don Nelson from Bakersfield, California is aiming at the eye of the storm. WASHINGTON (Reuters) - If the battle over the U.S.
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