Koch Industries has officially entered the contentious fight over the fate of the Export-Import Bank, the independent government agency that guarantees loans and provides financing to companies doing business overseas and foreign businesses buying American products—and that has recently become a target for conservatives and libertarians who decry big-government crony capitalism.
On Tuesday, the industrial conglomerate run by billionaire brothers Charles and David Koch sent a letter to Congress urging lawmakers to oppose the reauthorization of this obscure, 80-year-old institution, which otherwise will expire at the end of June. Signed by Philip Ellender, the president of Koch's government affairs arm, the letter signals the start of a Koch lobbying effort aimed at shuttering the New Deal-era agency. The Ex-Im Bank has been living on borrowed time since September, when Congress temporarily extended its charter. But now Koch Industries wants Congress to eradicate the agency for good.
On Tuesday, the industrial conglomerate run by billionaire brothers Charles and David Koch sent a letter to Congress urging lawmakers to oppose the reauthorization of this obscure, 80-year-old institution, which otherwise will expire at the end of June. Signed by Philip Ellender, the president of Koch's government affairs arm, the letter signals the start of a Koch lobbying effort aimed at shuttering the New Deal-era agency. The Ex-Im Bank has been living on borrowed time since September, when Congress temporarily extended its charter. But now Koch Industries wants Congress to eradicate the agency for good.