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Chairman Hensarling Releases Statement on Ex-Im Bank Vote

Washington, Oct 27 -

House Financial Services Committee Chairman Jeb Hensarling (R-TX) released the following statement concerning the House’s vote on the Export-Import Bank:

The more Americans learn about the Export-Import Bank’s political lending, corruption and fundamental unfairness, the more they want it to end. That’s why we’re seeing a record number in Congress vote to end Ex-Im both in the Senate, where a majority of Republicans voted against it in July, and today in the House. The last time the House voted on a long-term reauthorization of Ex-Im, only 93 members voted against it. Today, 118 voted no. Momentum is moving in favor of those who oppose Ex-Im’s corporate welfare and instead support a competitive, free enterprise economy.

On three separate occasions, a majority of Republicans on the Financial Services Committee said that they opposed bringing Ex-Im up for a vote. As Chairman, I strongly supported that decision reached by a majority of the majority.

Fifty one years ago today Ronald Reagan said, “a government bureau is the nearest thing to eternal life we’ll ever see on this earth.” But thankfully for hardworking taxpayers, today’s vote does not reopen the corporate welfare spigot at Ex-Im. Ex-Im’s charter remains expired and Senate leaders have already made it clear the Senate will not take up this bill.

But this debate has accomplished something very important. It demonstrates once again to the American people that while Democrats like to give fiery speeches decrying how Washington rigs the system to help big corporations, Democrats are perfectly fine with voting to rig the system to help big corporations. It’s nearly Halloween and Democrats once again are handing out tricks to hardworking taxpayers and treats for big corporations. How many times have we heard Democrats vilify Wall Street banks? Yet the big banks profit off Ex-Im like few others, receiving billions in Ex-Im corporate welfare. Of course, Wall Street’s big banks vigorously support Ex-Im. After all, they have hardworking taxpayers to bail out any Wall Street losses. By voting for Ex-Im, Democrats are throwing Wall Street a big, wet kiss.

Ex-Im is a part of yesterday’s economy. Our focus needs to be on tomorrow’s economy and on reforms that will give every American greater opportunities to succeed. Fundamental tax reform, tort reform and regulatory reform will do more to grow our economy and help small business entrepreneurs than corporate welfare ever could. Healthy debate on these issues, not discharge petitions for corporate welfare, are a much better use of Congress’s time. It is hard work, but it is necessary for the American people.