Export-Import Bank Issue Could Turn Wall Street Into Democrats

NEW YORK (TheStreet) -- Wall Street and Republicanism go together like peanut butter and jelly. It's been that way for over 150 years.

But the re-authorization of the Export-Import Bank, which has helped companies finance export deals since the Franklin D. Roosevelt administration, could push some to consider divorce. 

The bank says it supports 1.2 million jobs through its financing, most of which it says is made on behalf of small businesses that might otherwise be unable to do the deals.

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But some very big companies also use the bank such as Boeing (BA), which Standard & Poor's recently warned could have its long-term credit rating downgraded if the bank is closed.  Shares in General Electric (GE) and Caterpillar (CAT) could also be impacted if the charter is not renewed.

Tea Party groups want to stop re-authorization of the bank, which they say replicates the work of the private sector and which Sen. Mike Lee, Republican of Utah, calls "crony capitalism." 

A recent article in an American Enterprise Institute publication by James DeLong offers a good summary. The headline is Why Voters Grew Tired of Cantor. The URL reads government-of-the-cronies-by-the-cronies-for-the-cronies.

Senate Democrats are trying to tie a short-term re-authorization of the bank to their version of a government funding bill, which would force House Republicans to close the government on Sept. 30, a month before the election, if they want to close the bank. 

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