Congress Should Oppose Reauthorization of the Export-Import Bank

The Export-Import Bank (Ex-Im) has been wasting billions of taxpayer dollars annually since its founding in 1934.

By Don Kirchoff

Don KirchoffEx-Im expires at the end of June, unless renewed by Congress, and is a poster-child of the cronyism that we must take immediate action to stop.

The bank costs the economy about 2.8 billion annually by funneling the billions to special interests, contrary to the subterfuge used by Ex-Im and Chamber of Commerce politicians who parse their words to hide their support for the crony bank.

Export Import growth chart

For 80 years Congress has simply re-authorized Ex-Im without adequate review. Ex-Im is corporate cronyism. Over 80% of the program goes to a handful of major companies. Ex-Im financing supports roughly 1% of US exports, almost all from giant corporations that are capable of making alternative financing arrangements.

Ex-Im is an example of a program that has lost its purpose and today actually is a lose-lose, fiscally and economically.

We must demand that our congressmen stop this cronyism and oppose the reauthorization of Ex-Im.

Use the Heritage Action dashboard to reach out to your Members of Congress today!

By Don Kirchoff, SATP Director, May 2, 2015.

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