With those 16 words to the Associated Press about the future of the Export-Import Bank, Senator Mitch McConnell began charting a new course just six months into his tenure as majority leader. As Senate Majority Whip John Cornyn explained earlier this year regarding amendments and ending debate, “The only person who makes the decision is the leader.” To date, Majority Leader McConnell has not allowed a non-budget amendment to pass that he and a majority of his conference opposed.
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 provides export financing for just 0.009 percent of America’s small businesses.
- The vast majority of exporters—98 percent—do not receive assistance from the Ex-Im Bank.
- Export financing doesn’t create new jobs, it merely redistributes jobs across America’s economy.
- 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.
- There are 31 open corruption and fraud investigations into the bank.
- The top beneficiaries of Ex-Im also have massive backlogs of orders, meaning jobs would not be lost when the bank expires.
- Ex-Im subsidies benefit China, Venezuela, Cuba, and Russia. State-owned foreign airlines have received $16 billion in subsidized financing since 2009.
- Taxpayers are 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.
It’s time for this crony capitalist bank to be shut down for good.
Join us in the fight to #EndExIm by adding your name to the growing list of people opposed to the Export-Import Bank. Sign here.
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
From: Heritage Action for America
Date: May 18, 2015
Subject: Path to Ex-Im Reauthorization Rapidly Closing
Because the House appears poised to allow the Export-Import Bank to expire on June 30th without taking any action, proponents of reauthorizing the bank are staking their hopes on the Senate jamming the House. That path seems to be increasingly difficult to walk. While it is conventional wisdom to believe the Senate can “jam the House” the reality is that doing so is extremely difficult. There are two general scenarios in which Senate action could spur House action, but those situations are unlikely to materialize into significant threats.
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.