With billions at stake, senator defies Boeing on Ex-Im Bank. Richard Shelby Says No to Rent-Seeking Scam.

Crain's Chicago Business reports:

Conservatives' efforts to cripple the U.S. Export-Import Bank are now pitting two powerful Republicans against each other: Senate Banking Chairman Richard Shelby and Majority Leader Mitch McConnell.

Shelby on Thursday defied McConnell's call to advance a nominee to the board of the Ex-Im Bank, a key financing tool for Boeing Co. and other major exporters.

"It's corporate welfare," said Shelby, an Alabama Republican, who said he would tell McConnell the same thing. Although McConnell is also an opponent of the bank, on Tuesday he called on Shelby to allow the nominee to get a vote on the Senate floor.

"Well, he says he's against it, but I don't know. I'm against it. You know, we're not going to be moving it out of committee, OK?" Shelby told reporters in the Capitol.

McConnell of Kentucky voted against reviving the bank last year during a fight that left the Ex-Im Bank without authorization for the first time in its 81-year history.

Even though the bank was reauthorized last October, only two of the five positions on the board of directors are currently filled, and three are needed for a quorum.

That means that until a new board member is confirmed, the bank is limited to financing deals of less than $10 million—effectively blocking Boeing, Caterpillar Inc. and other large exporters from using it to finance major export deals.

The rent-seekers don't appear to have everyone paid off.