CHICAGO - Crain's Greg Hinz writes that business is likely to win a U.S. Senate vote to renew the U.S. Export-Import Bank. But U.S. Senator Mark Kirk, told Hinz that the more-conservative House remains a big potential stumbling block.
Supported by the U.S. Chamber of Commerce, Kirk is co-sponsoring a measure with Democratic Sen. Joe Manchin that would extend the life of the Ex-Im Bank.
The biggest obstacle to the Illinois Senator's plan? The "political right correctness," Kirk told Hinz.
He was referring to conservative organizations such as The Heritage Foundation that argue companies ought to find their own private financing and take the risks, rather than rely on the Export-Import Bank to guarantee their loans with taxpayer money.
"We don't live in an ideal word but a real one," Kirk said. "The bank has become a big (political litmus) test. But not renewing it would have some real costs."