Representative Kevin McCarthy, the incoming House majority leader, gave momentum to conservatives hoping to eliminate the U.S. Export-Import Bank by saying he supports allowing its authority and charter to expire.
McCarthy said in an interview yesterday that the private sector can fill the void of the 80-year-old agency. Its lending authority is set to expire on Sept. 30. In 2012, McCarthy voted in favor of the bank's reauthorization.
"One of the problems with government is it's going to take hard-earned money so others do things that the private sector can do," McCarthy, a Republican from California, said on the Fox News Sunday program. "That's what Ex-Im Bank does."
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