Entitlement Reform

Club for Growth Responds to Latest Defenders of the Export-Import Bank

Doug Sachtleben - March 26th, 2015

99% of American companies doing business in world markets don’t get federal handouts from Ex-Im in order to compete.

Washington, DC – The Club for Growth today commented on recent efforts by special interest groups to defend the Export-Import Bank (Ex-Im):

 

“Special interests claim that 3,000 American companies depend on the Export-Import Bank to compete globally. That’s exactly one percent of the U.S. companies that are exporting goods,” said Club for Growth President David McIntosh. “That means 99% of the American companies that are doing business in world markets don’t get federal handouts from Ex-Im in order to compete. Is that fair? Worse yet, 93% of the loans guaranteed by Ex-Im benefit only five companies. Boeing and General Electric are great American companies, but they don’t need taxpayer support to compete globally as great American companies. All Americans are better off when the economy is bolstered by companies that don’t need handouts to compete in world markets. When the bank’s charter expires in June Congress should bid farewell to Ex-Im as another relic of FDR’s big-government era.”

The Club for Growth is the nation’s leading group promoting economic freedom through legislative involvement, issue advocacy, research, and education.

Reason TV: Don’t Tell ‘Em (Obamacare Version)

Barney Keller - November 17th, 2014

Club for Growth: Export-Import Bank “Grubered” Their Data

Barney Keller - November 13th, 2014

Club for Growth President Chris Chocola: “Does Jonathan Gruber consult for the Export-Import Bank as well?”

Washington, DC – The Club for Growth released the following statement in response to a Reuter’s news report that the Export-Import Bank classified several companies owned by billionaires like Warren Buffett as “small businesses” when fighting for reauthorization by Congress:

“Does Jonathan Gruber consult for the Export-Import Bank as well? It’s appalling, but not surprising, that a corporate welfare slush fund like the Export-Import Bank would mislead the public about their data in order to stay alive,” said Club for Growth President Chris Chocola. “Maybe Fred Hochberg thinks, like Gruber, that a lack of transparency is a political asset. The Export-Import Bank should be shut down immediately, and members of Congress should look skeptically at anything the bank says about what it does for small businesses – the data may be ‘Grubered.’”

Club for Growth and Heritage Action For America Send Letter To Kevin McCarthy On The Export-Import Bank

Barney Keller - September 08th, 2014

Washington, DC – The Club for Growth and Heritage Action For America, two of America’s leading free-market advocacy groups, sent a letter to Majority Leader Kevin McCarthy (R-CA) on the Export-Import Bank today. The content of the letter can be found below and also downloaded as a .pdf by clicking here.

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Dear Leader McCarthy,

As you know, authorization for the Export-Import Bank is set to expire on September 30th. On behalf of our respective organizations, we hope you will stand strong and work with conservatives in Congress and across the country in letting the bank expire.

We were greatly encouraged by your comments on Fox News Sunday on June 22nd, in which you stated that the Export-Import Bank is “something government does not have to be involved in. The private sector can do it.” You also quite explicitly answered “yes” to the question of whether or not you would allow the charter for the bank to expire.

As the new Majority Leader of the House, now is the time for you to provide leadership to the Republican conference and reaffirm your admirable opposition to the Export-Import Bank. In the past several months, the bank and the private corporations it benefits have launched an all-out public relations campaign to repair the bank’s image. This simply confirms what we have said all along – the Export-Import Bank is a crony-capitalist slush fund benefitting mainly politically-connected companies that receive its subsidies.

These export subsidies pick winners and losers in the free market and hurt companies here at home. That’s a fact. While a company like Boeing benefits from the vast majority of subsidies, companies like Delta are hurt by the benefit bestowed on their foreign competitors. Taconite miners in Minnesota and Michigan were hurt by export subsidies given to Caterpillar to send mining equipment to the richest woman in Australia.

Nearly every time the government interferes in the free market there is a negative consequence that hurts Americans of all stripes. Whether it is quotas on imported sugar, President Obama’s takeover of our health insurance system, or the renewable fuel standard, actions by politicians in Washington working with lobbyists on K Street have made life harder for everyone. In contrast, eliminating corporate welfare, passing pro-growth tax reform, reforming entitlements, and paying down the debt will raise the living standards of every American.

The Export-Import Bank is a small thing, this we know. But Leader McCarthy, if you can’t start with the Export-Import Bank, then how can Americans trust the Republican Party to tackle the big challenges our nation faces after six years of President Obama and his failed policies?

We hope you’ll take the coming weeks to stay true to your comments from June and affirmatively fight to end the Export-Import Bank. House Financial Services Chairman Jeb Hensarling has done great work exposing the bank, but he needs Leadership not just backing him up, but leading.

Sincerely,

Chris Chocola                                     Mike Needham

Club for Growth                                  Heritage Action For America

Elizabeth Warren and The Export-Import Bank

Barney Keller - August 27th, 2014