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
- Boeing, GE, and Caterpillar received 87% of Ex-Im loan guarantees in FY13.
- The Ex-Im Bank provided export financing for just 0.009 percent of America’s small businesses.
- The vast majority of exporters—98 percent—never received assistance from the Ex-Im Bank.
- Export financing didn’t create new jobs, but merely redistributed jobs across America’s economy.
- 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.
- There are 31 open corruption and fraud investigations into the bank.
- The top beneficiaries of Ex-Im also had massive backlogs of orders, meaning jobs were not immediately lost when the bank expires.
- Ex-Im subsidies benefited China, Venezuela, Cuba, and Russia. State-owned foreign airlines have received $16 billion in subsidized financing since 2009.
- Taxpayers were on the hook for nearly $140 billion in the Ex-Im loan portfolio.
- 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.
Heritage Action Presidential Candidate Forum
Heritage Action will be hosting a presidential candidate forum on September 18th in Greenville, South Carolina at the Bon Secours Wellness Arena in downtown Greenville. Featured guests include Heritage Action CEO Michael Needham, Former Senator Jim DeMint, and Governor Nikki Haley. We feel there is a need to restore conservative principles to the presidential debate. At this forum the candidates will engage in a dialogue with experts and voters on the policies embedded in our Opportunity for All, Favoritism to None agenda.
Opportunity for All, Favoritism to None is a comprehensive principled agenda that provides a policy roadmap to create opportunity, growth, civil society, limited government, national security and favoritism. You can learn more here.
Who? We will be inviting every viable Republican presidential candidate.
When? September 18th, 2015
Where? Bon Secours Wellness Arena in Greenville, South Carolina
All attendees must be registered. Space will be limited to those registered first before we take walk ins
Today the House will vote on the Pain-Capable Unborn Child Protection Act (H.R. 36), introduced by Rep. Trent Franks (R-AZ) 90%. This legislation will protect unborn children by preventing abortions five months after fertilization, at which time scientific evidence suggests the child can feel pain. In 2013, a similar bill passed the House by a 228-196 vote, but did not receive consideration in the Senate.
Mike Needham joined with Marjorie Dannenfelser, President of Susan B. Anthony List, urging Congress to vote YES to H.R. 36.
This bill is a common-sense piece of legislation which protects unborn children after 20 weeks, or 5 months of pregnancy, based on their ability to feel excruciating pain. Previous uninformed notions that unborn and newborn babies could not feel pain, or misinformation on the ability of preterm infants to survive, are refuted by a growing body of scientific evidence. Our nation’s public policy should not reflect the tiring and uninformed politics of choice, but rather should catch up with the growing body of scientific evidence of pain and advancing perinatal medicine.
View the full letter here.