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Chairman Hensarling: The Truth is Ex-Im Backs Exports for Less Than 1 Percent of 1 Percent of America’s Small Businesses

Washington, Jul 22 -

Financial Services Committee Jeb Hensarling (R-TX) today responded to claims being made by supporters of the Export-Import Bank about Ex-Im and small businesses:

“For political purposes, Ex-Im is desperately trying to portray itself as a friend of small business.  But Ex-Im backs exports for less than one percent of one percent of America’s small businesses.  Just 0.009 percent of America’s small businesses receive any help at all from Ex-Im.  Even the Bank’s own annual report shows it consistently fails to achieve the congressionally-required level of authorizations for small businesses. 

“So who does Ex-Im really help? The facts show that the overwhelming majority of Ex-Im’s taxpayer-subsidized assistance goes to benefit large, multi-national corporations that don’t really need the taxpayers’ help in the first place.  In 2013, over half of Ex-Im’s financing went to a handful of Fortune 500 companies.

“Without a doubt, American manufacturers – and especially our small businesses – face an unlevel playing field that makes it harder for them to compete in the global marketplace.  However, this unlevel playing field does not exist because American businesses are under-subsidized by hardworking taxpayers.  Rather, it exists because of Washington’s misguided policies – especially in the areas of taxation, regulatory burden, and liability exposure.

“Leveling the playing field through pro-growth policies like fundamental tax reform, American energy independence, cutting federal red tape, and reducing abusive lawsuits will do much more to help American exporters than Ex-Im ever could.”