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FEDERALhearing transcript
High Impact

Congressional Hearing on Fraud and Oversight at the Export-Import Bank

Original title: EXAMINING FRAUD, WASTE, AND ABUSE AT THE EXPORT-IMPORT BANK

January 1, 2015

Export-Import Bankgovernment oversightfraud and corruptionfederal agency chartergovernment spending

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The Frame

What this does

The hearing examines the operational integrity of the Export-Import Bank, a federal agency that provides financing for companies doing business overseas, in the context of its upcoming expiration and reports of systemic corruption.

Who is mentioned in the record

Potentially affected actors named in the source documents. Mention is not a position.

Export-Import Bank

The agency is the subject of a congressional oversight investigation regarding its internal controls and financial practices.

U.S. Taxpayers

Taxpayer funds are used to back the loans provided by the Bank, which are subject to risk of default.

What changed

Last recorded activity January 1, 2015.

What's next

Next step not available in the current record.

Summary

This transcript covers a June 2015 House subcommittee hearing focused on allegations of fraud, waste, and abuse within the Export-Import Bank. The hearing took place shortly before the Bank's was set to expire, with members discussing recent criminal indictments and financial losses involving the Bank.

Key Facts

  • The Export-Import Bank's charter was scheduled to expire 19 days after the June 11, 2015 hearing.
  • A former Export-Import Bank loan officer was indicted and pled guilty to accepting over $78,000 in bribes.
  • The Inspector General's Office reported having dozens of open investigations into the Bank.
  • The Australian company NewSat defaulted on over $300 million in direct loans provided by the Export-Import Bank.
  • The hearing was held by the Subcommittee on Health Care, Benefits and Administrative Rules of the Committee on Oversight and Government Reform.

Frequently Asked Questions

What is the Export-Import Bank?
It is a federal agency that provides financing to support companies doing business overseas.
Why was this hearing held?
To examine allegations of fraud, waste, and abuse at the Bank and to discuss its upcoming expiration.

Why It Matters

The hearing examines the operational integrity of the Export-Import Bank, a federal agency that provides financing for companies doing business overseas, in the context of its upcoming expiration and reports of systemic corruption.

News Coverage

No news coverage found yet. Articles are indexed twice daily.

Sponsors

Discoveries

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift90% confidence

Charter Expiration Pressure

The hearing was explicitly timed to influence the debate surrounding the imminent expiration of the Bank's charter.

Export-Import Bank

Connected Entities

personMichael T. McCarthy“Deputy Inspector General of the Export-Import Bank”Map →
personJim Jordan“Chairman of the Subcommittee on Health Care, Benefits and Administrative Rules”Map →
organizationExport-Import Bank“Federal agency under review for fraud and waste”Map →
organizationNewSat“Australian satellite company that defaulted on over $300 million in Ex-Im loans”Map →
personWilliam Jefferson“Former Representative involved in a past bribery scandal related to the Bank”Map →

Sources

Open source document

www.govinfo.gov

Analysis Score

0–100
  • Significance80
    How much this matters to a regular citizen
  • Controversy75
    Intensity of disagreement among stakeholders
  • Entertainment40
    Compellingness for a non-policy-wonk reader
  • Buzz30
    Current news / social attention level

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