The Export-Import Bank likes to throw around the fact that almost 90 percent of their “transactions” are to small-businesses. For a second, let’s forget how misleading that statistic is since those “transactions” only account for less than 20 percent of their total dollar amount of authorizations and take a look at what one of those transactions includes.
Davex Labs tried and failed to receive credit insurance to export less than $5,500 in hair products to Russia. Who steps in to save the day? You, the taxpayer.
Today the Export-Import Bank sent out a tweet telling small business owners to check out how they can get assistance from the Bank. This is nothing new, though. Small businesses get a lot of attention from the Bank on Twitter.
Since the Bank sent out it’s first tweet on May 4, 2012, they’ve tweeted using the hashtag #smallbiz 153 times (160 including the times they tweeted it without the hashtag symbol), and they’ve tweeted the phrase “small business” 28 times.
The fight to end the cronyism and corporate welfare for wealthy, multinational corporations perpetuated by the Export-Import Bank continues to heat up every day. Delta Air Lines Inc. is one American company being disadvantaged by the Bank’s practices of giving subsidies to their foreign competitors.
Delta Air Lines Inc. has other ideas. Pilots and flight attendants for the Atlanta-based carrier have been canvassing the halls of Congress this week to tell lawmakers that the bank’s financing benefits foreign carriers at Delta’s expense.
Last night, Rep. Tom McClintock (R-CA) 84% asked for a recorded vote on H.R. 2548, the Electrify Africa Act of 2014. McClintock’s concern stems from a provision “quietly tucked into this bill” that would reauthorize the Overseas Private Investment Corporation (OPIC) for three years.
The Export-Import Bank’s problems and fundamental flaws abound. Diane Katz, a research fellow in regulatory policy at the Heritage Foundation, has explained how the Bank is a channel for corporate welfare on the backs of taxpayers and how badly the Bank mismanages taxpayer resources.
If that was not enough to convince you that the Bank should not be reauthorized this fall, perhaps envisioning the unfriendly and hostile regimes that benefit from U.S. taxpayer money via the Ex-Im Bank will help. Heritage made a graphic depicting just that: