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Read. Follow. Verify.Congressional Hearing on Fraud and Oversight at the Export-Import Bank
Record date · January 1, 2015
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What This Bill Does
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.
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 It Affects
Groups the bill's text affects, as described in the record. Being affected is not a position for or against it.
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.
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.
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- 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?
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News Coverage
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Votes, people, money & the original sourceFull breakdown
Who this bill affects and the strongest case for and against it, written only from the bill’s own text.
Discoveries
Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.
Charter Expiration Pressure
The hearing was explicitly timed to influence the debate surrounding the imminent expiration of the Bank's charter.
Connected Entities
Sources
www.govinfo.gov
Analysis Score
0–100- Significance80How much this matters to a regular citizen
- Controversy75Intensity of disagreement among stakeholders
- Entertainment40Compellingness for a non-policy-wonk reader
- Buzz30Current news / social attention level
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