Rep Cmte Financial Services
CBO: More Accurate Accounting Shows Export-Import Bank Does Not Make a “Profit”
Washington, May 22 -
The Congressional Budget Office (CBO) today confirmed that the Export-Import Bank would cost taxpayers $2 billion over 10 years if the federal government followed more accurate accounting rules.
“The Export-Import Bank and its supporters claim it makes money for taxpayers. As I have said previously, the Export-Import Bank’s supposed profits are nothing more than an illusion. If the Export-Import Bank were to use fair-value accounting, as the CBO recommends, the Bank’s ledger would actually show a loss of money for the taxpayers – not a profit. I have long believed that many taxpayers feel it is indeed time to exit the Ex-Im, and this CBO report certainly reinforces that belief,” said Financial Services Committee Chairman Jeb Hensarling (R-TX), who opposes re-authorizing the Export-Import Bank.