Ex-Im Revival Would Reward Most Politically Connected Corporations
(Washington, D.C.) – Before Congress adjourned for the Columbus Day recess, a discharge petition was filed in the House of Representatives, supported by a majority of the 435 House Members, including 42 Republicans and nearly all House Democrats. The petition forces a House floor vote on legislation to reauthorize the Export-Import Bank without the approval from the committee of jurisdiction, the House Financial Services committee. The Bank had expired earlier this year. It is expected that the House will vote to renew the Export-Import Bank before the end of October, at which time the Senate would still have to approve the measure.
Daniel Garza, Executive Director for The LIBRE Initiative, released the following statement:
“Congress was right to allow the charter of the Export-Import Bank to expire. Leaders of both parties – including President Obama – have cited the Bank as an egregious example of wasteful corporate welfare. Reversing course now – and reauthorizing the Export-Import Bank – weakens the free market and would put the U.S. back on the path of increased cronyism. It has been shown that only one percent of one percent of small businesses benefit from the Ex-Im Bank. There’s simply no reason to waste scarce taxpayer dollars subsidizing sales by some of America’s largest and most successful multinational companies. The signers of this discharge petition have taken a stance in favor of corporate welfare over the interests of the American taxpayer. If the House proceeds to approve this unwise measure, it will be up to the Senate to defeat it.”