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US Congress may not be keen to prop up bank supporting nuclear exports

Congress Props Up Ex-Im Bank But Leaves Nuclear Energy To Dangle Congress has decided to prop up the U.S.-Export Bank for nine more months, after threatening to cut its cord and saying it typified corporate welfare. In “preserving” the 80-year-old institution, U.S. lawmakers have given American exporters — both big and small — a chance to regroup, especially the nuclear energy industry.

No other industrial sector has been knocked down — and gotten back up — more than nuclear companies. But the latest fight over whether to continue funding the “Ex-Im Bank,” has been a blow delivered by its “backers,” or conservative lawmakers who generally support such development. Now, though, those congressional members have momentarily caved to a broad swath of the bank’s friends, consisting mostly of members who are pro-business and who want to see U.S. companies expand their franchises internationally. The ultimate question is whether that concession is temporary or permanent………

It’s a controversy that extends well beyond the safety and efficiency record of nuclear power plants. It’s mostly about one that delves deeply into how foreign projects would be financed — and whether a U.S. public agency ought to bankroll construction at favorable rates. …….

Despite the short-term “victory,” supporters of the Ex-Im Bank realize that complacency is the enemy. While the bank has gotten a nine-month reprieve, the battle over whether to continue it after that will resume early next year — just after a new Congress is sworn in. The outcome of the upcoming November elections is unknown. But if Republicans take it over, they may get dominated by the Tea Party, which calls the Ex-Im Bank unnecessary, saying that private institutions could make the same loans if they were so inclined…….

In the current rough-and-tumble political environment, however, it’s less about “wiser heads” and more about “one-upping” the opposition, leaving the nuclear energy industry to dangle even longer and all in the midst of a tenuous future in the United States. http://www.forbes.com/sites/kensilverstein/2014/09/21/congress-props-up-ex-im-bank-but-leaves-nuclear-energy-to-dangle/

September 22, 2014 - Posted by Christina Macpherson | politics, USA