Stop the Export-Import Bank

The Export-Import Bank expired on June 30th, over 100 days ago. . This was a major policy victory for conservatives looking to roll back corporate welfare and stop Washington from picking winners and losers in the economy.

However, as Ronald Reagan once said “The nearest thing to eternal life we will ever see on this earth is a government program.” The Export-Import Bank’s supporters are trying to resurrect this now defunct government agency.

As Washington continues to play politics with the bank, here are 10 facts you should remember about the Export-Import Bank.

Top Ten Ex-Im Facts

  1. Boeing, GE, and Caterpillar received 87% of Ex-Im loan guarantees in FY13.
  2. The Ex-Im Bank provided export financing for just 0.009 percent of America’s small businesses.
  3. The vast majority of exporters—98 percent—never received assistance from the Ex-Im Bank.
  4. Export financing didn’t create new jobs, but merely redistributed jobs across America’s economy.
  5. Among the top 10 buyers of Ex-Im exports, 5 were state-controlled and raked in millions of dollars from their own governments in addition to Ex-Im Bank subsidies.
  6. There are 31 open corruption and fraud investigations into the bank.
  7. The top beneficiaries of Ex-Im also had massive backlogs of orders, meaning jobs were not immediately lost when the bank expires.
  8. Ex-Im subsidies benefited China, Venezuela, Cuba, and Russia. State-owned foreign airlines have received $16 billion in subsidized financing since 2009.
  9. Taxpayers were on the hook for nearly $140 billion in the Ex-Im loan portfolio.
  10. The companies advocating for the reauthorization of Ex-Im have admitted they do NOT actually need it.

Don’t let the Export-Import come back from the dead.

Join us in the fight to #EndExIm by emailing your Representatives and urge them to oppose reauthorization of the Export-Import Bank.

Please Share Your Thoughts

66 thoughts on “Stop the Export-Import Bank

  1. I personally have had it with Congress that p*sses away we, the peoples, tax money. Total incompetency of everyone in Congress coupled with their own greed and filling their coffers at the expense of the people. People….we have to recycle everyone in Congress. You just can’t fix stupid – all we can do is VOTE them out!

    • Not at all helpful, you need to pay attention to the Heritage Action Scorecard on which Congress members are fiscally conservative and KEEP them while voting others in. This takes time and good information. This is not a place to just vent, it is a forum for legislative action. Please be considerate. Thanks.

      • I do know how each of my Senators and Representatives vote and do keep track of that information. However, I am in favor of term limits for ALL Congressional people. Way too many become buddies with the lobbyists that fund them. There is a sight…Convention of States…also conversative group, that is working on some resolve on the issues.

    • Well, this is part of the rot that we Americans have allowed to permeate our society. Not only do we have a Disaster in the White House, but we have a congress failing to abide by the Constitution. So, we are all in deep trouble and it is questionable whether this nation survives another year with that Disaster in the WHite House and with a congress unable to function as our Founding Fathers intended.

    • Unfortunately, they are stealing for themselves and believe they are aristocrats! Most of them ought to be shot for treason! They are deliberately killing US!

    • Congress and the rest of the federal government, and many state governments are corrupt elitists who rule us, their subjects, as serfs for their benefit.

  2. Pingback: #NC-02: Big Govt. Barbie uses Chamber talking points to praise Ex-Im Bank “favor factory” |

  3. Just a few thoughts/questions on a couple of theses:

    #1 Yes, aren’t these firms doing a significant amount of the large foreign investment projects, in emerging economies? Less projects for these firms = less employees in their U.S. factories.

    #2 Certainly depends on how you are defining “small business”. Small businesses that export or just “small businesses”? By some definitions of “small business”, such as including your local mom & pop stores, .009% would be pretty high..

    #4 Ex-im KEEPS jobs, not creates them. Companies don’t have to have their factories in the U.S., their headquarters in the U.S., and new companies don’t have to start in the U.S.

    #9 Are these bad loans where there is 0$ recourse? That would be great to know, please elaborate!

  4. Pingback: Thorner: Congress trying to pull a fast one to revitalize Ex-Import Bank | Nancy J. Thorner

  5. Dear Mr. Mott –

    I think that it is great that your company in Illinois is able to
    obtain some insurance from the EXIM Bank.
    However I do not believe that your story fits in with the following
    facts:

    1.
    Boeing, GE, and Caterpillar received 87% of Ex-Im loan
    guarantees in FY13.

    2.
    The Ex-Im Bank provides export financing for just 0.009 percent
    of America’s
    small businesses.

    3.
    The vast majority of exporters—98 percent—do not receive
    assistance from the Ex-Im Bank.

    4.
    Export financing doesn’t create new jobs, it merely
    redistributes jobs across America’s
    economy.

    5.
    Among the top 10 buyers of Ex-Im exports, 5 are state-controlled
    and rake in millions of dollars from their own governments in addition to Ex-Im
    Bank subsidies.

    6.
    There are 31 open corruption and fraud investigations into the
    bank.

    7.
    The top beneficiaries of Ex-Im also have massive backlogs of
    orders, meaning jobs would not be lost when the bank expires.

    8.
    Ex-Im subsidies benefit China,
    Venezuela, Cuba, and Russia. State-owned foreign
    airlines have received $16 billion in subsidized financing since 2009.

    9.
    Taxpayers are on the hook for nearly $140 billion in the Ex-Im
    loan portfolio.

    10.
    Many companies advocating for the reauthorization of Ex-Im have
    admitted they do NOT actually need it.

    One of the reasons to drop the EXIM Bank is that the Small
    Business Administration has programs for up to FIVE MILLION DOLLARS to help
    small businesses while small businesses who have sought funding from EXIM have
    been passed over. There are also twenty other programs which provide
    funding.

    It’s
    time for this crony capitalist bank to be shut down for good. We need to retire a few of their lobbyists
    and reduce the millions of dollars we taxpayers are standing good for.

  6. Pingback: Six Things to Know About the Export-Import Bank – NBCNews.com

  7. Pingback: GE Admits Ex-Im Reauthorization Will Not Affect Jobs Moving Overseas

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  10. Pingback: GE Admits Ex-Im Reauthorization Will Not Affect Jobs Moving Overseas | TennesseeWatchman.com Liberty News

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  13. The Export-Import Bank has been closed for 125 days.
    The 3 largest recipients of the bank, Boeing, General Electric, and Caterpillar are doing fine. But most importantly — our tax dollars are no longer going to a slush fund for corporate welfare. However, Democrats and some Republicans are still scheming ways to revive the bank. Their plan is to use the highway bill to force through a reauthorization of this zombie bank this month.
    Please make sure to vote “NO” to any rule, amendment or bill that reauthorizes the Export-Import Bank. We stand firm on principle, we stand against the culture of cronyism and we must say “NO” to the Export-Import Bank.

  14. We need to make government hear what the people want and make them do it or vote them OUT. But we need to put teeth in what we say. Sorry, I forgot, we are to busy with are lives and not thinking about our kids and there future.

  15. The federal government should not be in the business loan business. We have commercial banks for that. When the government gets involved where the constitution did not specifically tell it to get involved we get corruption and waste. This is no difference. This is crony capitalism and must be ended.

  16. I am so disappointed with the leadership in this country, from top to bottom they all appear to be corrupted and paid for. I know we have some honest people there but they are not in leadership. I am not going to surrender or give up but continue to fight and believe that we will get people of integrity again in office..Until then I fight back the vomit.

  17. This country has way better uses for our tax dollars! There are people going hungry in our neighborhoods!, kids without clothes/coats!, children whose parents can’t afford child are do they’re left alone for hours each day(and some end up in trouble with the law because of no supervision). We don’t need to support the import-export bank and big businesses. We need to support our American people!!

  18. Vote no on any issues involving the Import / export bank a waste of funds when we need every penny elsewhere . Thanks for the opportunity.

  19. Has all of you forgot WHO ELECTED you into office ? I believe you have, VERY soon you will be asking the people to reelected you into office. Them start now to win our trust, and not pad your way into a lobbyist job. For this man & and 85% of this country no longer have any trust in you. If you want OUR TRUST, start working for the average Susan & Joe. And represent us. Not corporate America. Turned down this bill, that hurts the average middle class people. It wont be the welfare cheats. That keep you in office. You are destroying the middle class that pays your regular salaries.You crush us, you lose. Work for the people WHO AACTUALLY PAY THE BILLS, FOR ONCE.

  20. Vote No, on import/export bank! We should not be bailing out companies with money that can be better used to pay down our debt, secure our borders, or beef up our military.

  21. Enough is Enough! Washington needs to be more responsible when it comes to spending our tax dollars. Vote no to any rule, amendment or bill to reauthorized the Export-Import Bank.

  22. No to Import Export Bank —Enough with spending our money. Vote NO to any rule amendment or bill to reauthorized the Export-Import Bank.

    No plain n simple to NO vote NO to any rule or Amendment or bill to reauthoried the Export-Import Bank. This is our Tax Payers hard working money. Enough is Enough.

  23. No to the Export-Import Bank. This is crony capitalism at its worst. The government has no need/right to be in the corporate loan business, that is what commercial banks are for. Vote NO on any bill that attempts to resurrect this wasteful institution. Stop using the taxpayers money to curry favor for your personal gain!!!

  24. Ex Im bank is one of the few government agencies that actually MAKE money! Why all this misinformation about costing taxpayers? ExIm bank does not cost taxpayers anything. It costs customers to use ExIm backed funding which more than covers any liabilities for defaulted loans. China, Canada, France, Japan, UK etc ALL have their own form of government backed funding that requires domestic content. For the USA to abandon this agency puts American companies (including GE, Boeing, CAT) at a disadvantage to their international competitors and subsequently puts American jobs at risk. If American multinationals cannot offer American backed funding for international projects then those companies lose sales … and the jobs that go with it. This whole argument to close ExIm is ideologically driven, not economically driven. As long as other governments offer the same, America must as well to remain competitive.

  25. Matthew 16 verse 26 and 27: for what will it profit a man if he gains the whole world and forfeit his soul or what show a man give in return for his soul for the Son of Man is going to come with his angels in the glory of his father and then he will repay each person according to what he has done. Vote no on the import export bank.

  26. What a shame with so many misinformed people on here who don’t understand economics. This agency shutting down puts American companies, large and small, at a disadvantage. This will cost US businesses a lot of business. Also, the issue with private lenders is they often do not provide financing to smaller businesses for projects in developing nations which constitute nearly 70% of all sales. Yes, the bigger corporations account for most of the dollar figure of sales, but as far as overall transactions go, nearly 90% are for small businesses. These small businesses will lose out on foreign markets altogether because private lenders are notoriously horrible at lending credit to small businesses for international trade. Already, we are seeing more jobs being shipped overseas as a result. Good job Republicans. More of your policies ruining this country.

  27. Pingback: 10 Reasons to Leave the Export-Import Bank Dead

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