AFP Reacts to CBO’s Findings on Export-Import Bank

May 23, 2014 by AFP

New nonpartisan report highlights how Ex-Im is putting taxpayer dollars at risk

Arlington, Va. – Today Americans for Prosperity, the nation’s foremost grassroots advocate for economic freedom, reacted to a new CBO report highlighting the Export-Import Bank’s misleading accounting practices.

The nonpartisan CBO found that under FCRA – the accounting method used by Ex-Im that does not factor in market risk – the Export-Import Bank claims that its six largest programs would generate $14 billion in budgetary savings over the next ten years. However, when evaluating Ex-Im’s programs using commonly accepted accounting practices, they cost taxpayers $2 billion over ten years.

AFP President Tim Phillips said the following: “The CBO’s findings are more evidence that Congress should let the Export-Import Bank expire on schedule in September. Ex-Im claims that it’s not putting taxpayer dollars at risk, but it’s clear that the accounting methods they’ve used to reach that conclusion are misleading and irresponsible.

“This is an opportunity for Democrats and Republicans to come together to protect the millions of hardworking Americans who don’t want part of their paychecks going to subsidize businesses in foreign countries. I urge legislators on both sides of the aisle to let the Export-Import Bank expire and put an end to this costly corporate welfare.”

Earlier this month AFP and a broad coalition of organizations held a press conference announcing significant efforts to stop reauthorization of the Export-Import Bank by Congress, calling it poorly-managed corporate welfare.

Americans for Prosperity is continuing its efforts to educate its 2.3 million activists across the country about the Export-Import Bank and urging them to put pressure on their legislators to let Ex-Im expire on schedule in September.

Thousands of activists nationwide have already signed AFP’s petition to let Ex-Im expire.

For more information about the coalition opposing Ex-Im reauthorization, read the coalition letter HERE.