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Republican senators are pushing the administration to lay out its plan to liquidate the Export-Import (Ex-Im) Bank after its charter expired Tuesday.
Sens. Marco Rubio (R-Fla.), Ted Cruz (R-Texas) and Rand Paul (R-Ky.), who are all running for president, as well as Sens. Mike Lee (R-Utah), Ben Sasse (R-Neb.) and Pat Toomey (R-Pa.) asked Fred Hochberg, the chairman and president of the Ex-Im Bank, to hand over a plan by July 15.
“Even though the Ex-Im Bank is fully funded through the end of the fiscal year, it is now prohibited from acquiring new obligations, assuming new liabilities, and issuing new bonds and debts,” the senators wrote in a letter to Hochberg sent Wednesday. “Given the unique nature of your agency’s termination, we write to request clarity on your plan for an orderly liquidation.”
The senators add that the plan should include which employees are helping dissolve the bank — and why they need to remain employed during the liquidation process — a report on the dissolution of the bank’s board of directors, return of the bank’s properties to the General Services Administration, the end of the Ex-Im website and an estimation of how much federal money will be saved through the end of the fiscal year by winding down the bank’s operations now.
The senators also want to know which agency will be making payments, after the bank is shut down, on any financial obligations the bank took on before its charter expired.
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