Even as the Fed is churning out new money by the hundreds of billions and making secretive deals with other central banks, local bankers are joining together to fight Kentucky Senator Rand Paul’s “Audit the Fed” legislation.
The U.S. taxpayer-backed Export-Import Bank (Ex-Im), widely criticized for crony capitalism as well as for financing communist and socialist regimes with American money, is fighting for its very survival amid scandals as a growing coalition of lawmakers in Congress works to finally shut it down. From funneling billions in “loans” to state-owned banks in Russia and Communist China, to offering the corrupt Brazilian state-owned oil giant Petrobras $2 billion to “develop oil fields,” to hiring politically connected “green energy” cronies, the bank’s activities have come under increasing criticism. Now, with its charter set to expire this summer without congressional action, the Ex-Im bank — originally created to subsidize U.S. exports to the mass-murdering regime ruling the Soviet Union — is sparring with the American people’s elected representatives.
The House of Representatives voted 270 to 152 on Wednesday in favor of the Keystone XL oil pipeline legislation. However, without the necessary two-thirds majority, or 281 votes, it is likely President Obama will veto the bill, setting the stage for the first veto showdown between Obama and the Republican-controlled Congress. Representative Justin Amash of Michigan was the only Republican to vote against the legislation, citing concerns over the bill’s “cronyism.”
To get passage of a trade deal that would devastate many American businesses and workers’ wages, merely allow the president to negotiate it without oversight by Congress — and then rush it through Congress on a “fast track,” without examination or debate.