Patrick McHenryChairman

Washington, May 22, 2014 - 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.