House vote on Ex-Im reauthorization fails to implement necessary reforms
WASHINGTON, D.C. – After employing a rarely-used procedural maneuver called a discharge petition, the House of Representatives voted to reauthorize the Export-Import Bank of the United States. The Export-Import Bank is a federal agency that finances U.S. corporations’ business activities abroad. In recent years, the Ex-Im Bank has financed billions of dollars in harmful extractive and fossil fuel projects that worsen climate change, damage first-class world heritage sites, harm human health and contribute to severe human rights abuses; all while failing to address the energy needs of the poor. Most recently, an Ex-Im Office of Inspector General report exposed that 19 people have died on the Sasan coal operation in India and that Ex-Im failed to conduct necessary financial risk due diligence before providing financing for this project.
Friends of the Earth’s Kate DeAngelis released the following statement in response:
The House of Representatives’ Ex-Im reauthorization bill exposes the U.S. government to increasing financial and corruption risks by failing to institute reforms to ensure projects abide by environmental and social safeguards. In addition, the bill condemns local communities to suffer the health effects from pollution and worsens the impacts of climate change felt around the world. Ex-Im in its current form perpetrates more harm than good, so reauthorization efforts should include transparency and accountability provisions.