Banking & Financial Services Legislative Alerts
resh off from its nine month reauthorization thanks to free riding on the must pass resolution to continue funding the federal government, the Export -Import Bank is back up to its old tricks – awarding taxpayer backed goodies to some questionable foreign recipients. This time those goodies came in the form of recently announced handouts to Pemex, the infamous Mexican State owned Oil Company, that cashed in this month on over $1 billion dollars in long term loan guarantees from the Export-Import Bank.
Congress has returned to Washington after a 5 week hiatus to deal pressing problems facing the nation both here at home and abroad. Unfortunately, the definition of what constitutes a pressing issue is often different in Washington’s marbled halls than in Main Street America. In no case is that more clear than with the last minute extension of the controversial Export-Import Bank.
Much has been written over the costs and shortcomings of the beleaguered bank as well as its corporate welfare aspects. In fact, one notable politician called Ex-Im “little more than a fund for corporate welfare” – but that was before he was elected president. What has been less discussed, however, is that for every job the Ex-Im bank “supports “it destroys as many, if not more, American jobs.
A recent Congressional hearing revealed just how deeply corruption appears to run at the taxpayer-backed Export-Import Bank (Ex-Im), and the lengths to which the bank’s defenders will go to try and paper over the controversial bank’s problems.
Americans for Prosperity is proud to join 40+ coalition partners in signing a letter that urges all Senate and House Republicans to oppose reauthorizing the Export-Import Bank. The coalition calls on House leaders — particularly Majority Leader-elect Kevin McCarthy and House Financial Services Committee Chairman Jeb Hensarling — to oppose scheduling a vote on the Ex-Im Bank […]