Export-Import Bank Faces Major Problems

The Wall Street Journal reported that the U.S. Export-Import Bank has suspended or removed four officials in recent months amid investigations into allegations of gifts and kickbacks, as well as attempts to steer federal contracts to favored companies.

The internal investigations come at a pivotal time for the agency. Congress is considering whether to reauthorize the 80-year-old federal trade-finance agency, and two of the top three House Republican leaders now say they won’t agree to authorize the agency’s charter after it expires in September. The allegations of misconduct could complicate an already difficult political environment for those who support the agency’s reauthorization.