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Chairman Hensarling: Ex-Im Doesn’t Level the Playing Field; Ex-Im Rigs It in Favor of Powerful Corporations
“Greater opportunity, not more foreign corporate welfare” is the key to help America compete
Washington, Aug 23 -
Financial Services Committee Chairman Jeb Hensarling (R-TX) issued the following statement today regarding President Obama’s comments about the Export-Import Bank:
“President Obama was right in 2008 when he called the Export-Import Bank ‘little more than a fund for corporate welfare’ and wrong today when he cheerleads for its renewal. ###
“We need to level the playing field so American manufacturers and small businesses can compete. But Ex-Im doesn’t level the playing field; Ex-Im rigs it in favor of few powerful Fortune 500 corporations that are the overwhelming beneficiaries of Ex-Im. Washington shouldn’t pick winners and losers, and hardworking American taxpayers – who are already under tremendous stress – shouldn’t be forced to pay for foreign corporate welfare that advantages a handful of powerful, politically-connected corporations.
“Because over 98 percent of all U.S. exports are funded without Ex-Im, no one can make a credible case that Ex-Im’s continuation is critical to our economy. What would really help American manufacturers and small businesses compete on a level playing field are pro-growth tax, energy, regulatory and liability policies that the House has already passed but are being blocked by Democrats in the Senate. These policies are also embodied in legislation introduced by my colleague Congressman Mick Mulvaney. I’ve co-sponsored his bill, the American Renaissance in Manufacturing Act (the ARM Act) to begin addressing the competitive disadvantages our American manufacturers face. The pro-growth policies in the ARM Act, not the crony-connected political privileges of Ex-Im, will really level the playing field and help America compete.
“I urge President Obama to join us in helping to make American exporters more competitive through greater opportunity, not more foreign corporate welfare.”