“NO” on the Nomination of Fred Hochberg
Today, the Senate is expected to vote on the nomination of Fred Hochberg to serve another term as president of the Export-Import Bank of the United States.
Heritage Action opposes the existence of the Export-Import Bank of the United States, which is better understood as a Fannie Mae for exporters. Moreover, the Bank distorts markets by backing risky loans with taxpayer dollars. Last year when its charter was set to expire, Congress reauthorized the Ex-Im Bank for two years and expanded its loan capacity.
The Bank uses the guarantee of taxpayer money to back politically favored companies and projects, and makes a concerted effort to export the Obama administration’s global warming agenda. The Bank’s primary function is to encourage exports of U.S. products and services, but its contribution to total exports is negligible.
Trade financing should be left to private banks. Taxpayers should not serve as a backstop to risky loans, especially when those loans go to failed companies like Solyndra and Abound Solar.
Mr. Hochberg will undoubtedly continue promoting an ever-larger role for the Ex-Im Bank, as he has done in the past. Voting to confirm Hochberg is inconsistent with the conservative goal of winding down the Ex-Im Bank.
Heritage Action opposes the nomination of Fred Hochberg and reserves the right to include any and all votes related to it as a key vote in our legislative scorecard.