On Wednesday, the House will vote on reauthorization of a corporate welfare slush fund known as the Export-Import Bank. The bill, H.R. 2072, would expand Ex-Im’s borrowing authority from $100 billion to $140 billion, potentially putting taxpayers on the hook for the full amount.
Historically, Ex-Im loans have overwhelmingly benefited one company: Boeing. Boeing is a great company, but it can compete without help from American taxpayers.
Even worse, in recent years Obama has transformed Ex-Im, which he once correctly denounced as “Little more than a fund for corporate welfare” into the kind of slush fund he can love: one that rewards his cronies in the green energy industry.
Solyndra received $10.3 million from Ex-Im’s “Renewables Express” program on its way to bankruptcy. First Solar, which took a $449 million loss last quarter in a desperate restructuring to attempt to avoid bankruptcy, received Ex-Im backing for sales of solar panels to its own Canadian subsidiary.
Worst of all, three years ago Ex-Im was the pot of money Obama used to massively subsidize offshore oil drilling in Brazil at the same time he was shutting it down here in the United States.
The Republican House was elected thanks to the blood, sweat, and tears of tea party activists dedicated to ending corrupt big government manipulation of economy. The House must be reminded that the Export-Import Bank is precisely the kind of program they were elected to end, not to expand.
I’ve set up a form here you can use to contact your member of Congress on this key issue. You can also call through the switchboard at 202-225-3121. We’ll find out Wednesday whether House Republicans are listening to us.