“NO” on saving the now-defunct Export-Import Bank (H.R. 597)

On Monday, the House will likely vote on a bill to resurrect the now-defunct Export-Import Bank (H.R. 597).  The bill, introduced by Rep. Stephen Fincher (R-TN) 74%, will come to the floor because Fincher worked directly with Rep. Steny Hoyer (D-MD) 11% to bypass the Financial Services Committee and the Rules Committee.  Forty-two House Republicans joined every House Democrat in signing the discharge petition.

The case against the Export-Import Bank is clear.  The bank is simply putting taxpayers at risk and distorting the market to subsidize a handful of multi-billion dollar companies.  Even proponents of the bank acknowledge it does not actually create jobs.  American Action Forum concluded, “Export financing merely redistributes jobs across the economy rather than create more overall jobs.”  The Congressional Research Service explains:

“Subsidizing export financing merely shifts production among sectors within the economy, but does not add to the overall level of economic activity, and subsidizes foreign consumption at the expense of the domestic economy.”

Heritage Action opposes saving the now-defunct Export-Import Bank (H.R. 597) and will include it as a key vote on our legislative scorecard. 

Related:
Heritage Action’s Scorecard
Heritage: Why Letting Ex-Im Bank’s Charter Expire Won’t Lead to Massive Job Losses
WSJ: Ex-Im works against U.S. interests abroad
Real Clear Politics: Ex-Im: Welfare for Commodity Traders and China
Cincinnati Enquirer: Ex-Im Bank not essential to GE Aviation jobs
Reuters: Emirates airline says Ex-Im Bank not critical for its plane financing
Real Clear Markets: Ex-Im doesn’t create jobs in America
Mercatus: The Biggest Beneficiaries of the Ex-Im Bank
Mercatus: The Export-Import Bank’s Top Foreign Buyers
Wall Street Journal: Boeing: We could find alternative funding sources
Heritage: Companies have massive backorders, won’t shed jobs when Ex-Im expires
Examiner: Ex-Im is “free money” for big banks
Wall Street Journal: Ex-Im works against U.S. interests abroad
Reuters: Massive corruption at Ex-Im