House Financial Services Committee Chairman Jeb Hensarling (R-Texas) attacked Democratic presidential front-runner Hillary Clinton Friday over her support for the embattled Export-Import Bank.
Clinton is expected to reiterate her support for the bank during campaign appearances in New Hampshire, as Congress continues to grapple with whether or not to reauthorize the 80-year-old bank’s charter before it expires June 30.
“Hillary Clinton is a natural cheerleader for the Export-Import Bank. After all, Ex-Im’s biggest beneficiaries are foreign governments and giant corporations,” Hensarling said in a statement.
Hensarling and other conservatives — including all top-tier Republican presidential candidates — oppose reauthorizing the federally-backed bank, which finances business projects overseas.
Critics argue that the bank unfairly benefits big corporations by backing major, politically connected firms as opposed to small businesses. Boeing, for example, received more than a third of the Bank’s total loan commitments between 2007 and 2013, according to an S&P report.
“Conveniently, these just happen to be among the biggest donors to the Clinton Foundation as well as major underwriters of the speaking fees that added millions of dollars to the Clinton bank account,” Hensarling said in a statement.
“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.
Hensarling’s panel has jurisdiction over a reauthorization bill and it’s unclear whether the House will vote to extend the bank’s charter.
The issue has exposed a rift between the Tea Party and the business community within the Republican Party.
The business community — including prominent groups like the U.S. Chamber of Commerce and the National Association of Manufacturers — are working to reauthorize the bank, arguing that its support of big businesses helps sustain small business jobs in the supply-chain economic ecosystem.
Sen. Lindsey Graham (R-S.C.), a potential presidential candidate and supporter of the bank, said Thursday that he expects a vote in the Senate before the bank’s charter expires.
“No one should be surprised that Secretary Clinton won’t take a position on free trade, but supports, in the name of trade, using tax dollars to prop up companies that donated millions to her foundation,” Davis said.
This story was updated at 12:48 p.m.