Time to let the Ex-Im Bank go

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Most Americans probably have no idea what the Export-Import bank even is, much less why it’s in the news right now. Yet it’s becoming the latest front in the fight to trim federal government.

The Ex-Im Bank was established in 1934 to serve as a credit agency that could finance the foreign purchase of American-made goods. What started as a New Deal-era program, however, has morphed into a taxpayer-funded government machine of corporate welfare for foreign interests who buy American products. And if Congress doesn’t act by the end of September to reauthorize the bank, it will run out of funding.

What does that mean for the average American, in practical terms? Not much, except that the American people have the right to know if their tax dollars are being spent wisely. While the idea of Congress not reauthorizing the Ex-Im bank doesn’t sit well with CEOs like those of Boeing and Delta, there’s no good reason why the United States –or taxpayers for that matter – needs it.

As Senator Ted Cruz pointed out in an op-ed in USA Today [1]:

Contrary to the values that keep America strong, safe and free, the Export-Import Bank has facilitated lending to governments in Congo [2] and Sudan [3], countries with horrific human rights records [4]. It has financed Chinese power plants [5] and backed Russian billionaires [6] buying luxury planes. And, it has provided lots and lots of financing to oil companies in Russia, Brazil, the United Arab Emirates and Saudi Arabia that compete directly with America’s energy companies.

It’s no surprise that big business loves the Ex-Im bank. But at Tea Party Patriots, we believe in free markets that operate without government interference; that means without special handouts.

It’s also worth noting that 98% of America’s exports are made without assistance from the Ex-Im Bank. That alone demonstrates why we can do without it.

It’s time to let the Ex-Im Bank go.