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Chairman Hensarling Statement on Obama’s Cheerleading for Ex-Im Reauthorization

Washington, Aug 1 -

House Financial Services Committee Chairman Jeb Hensarling (R-TX) issued the following statement in reaction to President Obama’s call for Congress to reauthorize the Export-Import Bank:

“Today, President Obama was cheerleading for the Export-Import Bank, which he once cheered against as a candidate when he called the Bank ‘little more than a fund for corporate welfare.’  Given that we learned this week that the Export-Import Bank is connected to 40 different ongoing fraud investigations, it’s a very odd time for the president to be cheering for them.

“Because over 98 percent of all U.S. exports are funded without the Export-Import Bank, no one can make a credible case that its reauthorization is critical to the economy.  What would really rejuvenate the economy is a repeal of Obamanomics.  Whether it is the president’s health care law, Dodd-Frank, or the wasteful ‘stimulus’ package, the fact is our nation remains in the longest, slowest, weakest, non-recovery recovery in our history because of the president’s failed economic policies.   

“American manufacturers compete in the global marketplace at a competitive disadvantage right now largely due to our high corporate tax rate, legal liability costs, and burdensome regulations.   If President Obama was really interested in leveling the playing field for American manufacturers, he would work with Republicans in Congress on pro-growth tax, energy, regulatory, and liability policies -- not some international arms race to the bottom funded with taxpayer subsidies for his friends at Fortune 500 companies.  Congressman Mick Mulvaney (R-SC) recently introduced H.R. 5360, the American Renaissance in Manufacturing Act (ARM Act), which I have co-sponsored, to begin to address the competitive disadvantages our American manufacturers face.  The pro-growth policies in the ARM Act, not the crony-connected Export-Import Bank, are a real solution to the problem.

“I urge the president to join us in helping to make our exporters more competitive through greater opportunity, not greater taxpayer subsidies or guarantees.”

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