Andrew Roth - January 31st, 2012
KEY VOTE ALERT
“NO” on Export-Import Bank Reauthorization (HR 2072/S 1547)
The Club for Growth urges all members of Congress to vote “NO” on reauthorizing the Export-Import Bank. Congress may take up consideration of HR 2072 or S 1547, or possibly some new proposal before the Bank’s current authority expires at the end of May. A vote on this reauthorization, and perhaps procedural votes, will be included in the Club’s 2012 Congressional Scorecard.
The Export-Import Bank’s actions are nothing more than market-distorting subsidies that pick winners and losers in the private sector. Market forces should dictate trade flows, not bureaucrats and politicians.
While supporters of the Ex-Im Bank claim that it is self-sufficient and doesn’t add to the federal deficit, the real problem is that the Bank’s financing helps some companies to the detriment of other firms and taxpayers. A prime example, among many, is the Bank providing financing for foreign airlines to buy American aircrafts, thus allowing those companies to better compete against American airlines. In addition, Congress and the President are trying to expand the Bank’s $100 billion finance cap by at least 35%. President Obama has a laudable goal of doubling exports within five years, but he shouldn’t be allowed to goose the numbers by handing out market-distorting tax dollars to companies that curry the most favor or have the best lobbyists. Not only should members of Congress reject this expansion of authority, but they should reject the Bank’s charter and shut it down for good.
Our Congressional Scorecard for the 112th Congress provides a comprehensive rating of how well or how poorly each member of Congress supports pro-growth, free-market policies and will be distributed to our members and to the public.