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Tallahassee, FL – Americans for Prosperity (AFP) today announced a six-figure direct mail, digital, and newspaper advertising effort to hold accountable 15 members of Congress who recently in favor of reauthorizing the controversial Export-Import Bank (Ex-Im). AFP has consistently opposed the reauthorization of Ex-Im, citing the bank’s history of corruption and fiscal mismanagement that rigs the economy in favor of a few well-connected companies.
AFP Vice President of Economic Opportunity Russ Latino issued the following statement:
“If your member of Congress voted to give away billions of your tax dollars to big business and special interests, they need to hear from you. Ex-Im perpetuates the culture of cronyism and fraud that puts special interests ahead of hard-working Americans. Those members who voted in favor of financing risky taxpayer-backed loans for politically connected big businesses and wealthy foreign state-owned firms will be held accountable. We urge lawmakers to work together to unrig the economy so all Americans can succeed.”
AFP’s Ex-Im accountability campaign will target Representatives McAdams (UT), Cunningham (SC), Horn (OK), McBath (GA), S. Murphy (FL), Axne (IA), Finkenauer (IA), Davids (KS), Casten (IL), Kinzinger (IL), Wagner (MO), Luetkemeyer (MO), Graves (MO), Long (MO), and Fitzpatrick (PA) for voting “yes” on HR 4863, a bill to reauthorize the Ex-Im Bank. Read AFP’s key vote letter to lawmakers here.
The Heritage Foundation found that from 2009 to 2014 there were 74 cases of fraud allegations.
Ex-Im uses Federal Credit Reporting Act standards to justify its lending, arguing that it would save $14 billion from 2015-2024. But that is not an accurate representation of the bank’s finances.
The Congressional Budget Office estimates that, if Ex-Im were to use fair-value accounting principles — which are used by most of the government and most of the private sector — the bank would cost taxpayers about $2 billion over that same period.
Our economy doesn’t need the Export-Import Bank.
Earlier this year, AFP unleashed its multiyear “Unrig the Economy” campaign to end government favoritism and has sent more than 35,000 letters to Congress urging lawmakers to vote NO on the failed agency’s extension.
Read more about AFP’s multi-year, multimillion-dollar effort to “Unrig the Economy” here (CNBC).