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.