Email Your Representative to Oppose the Electrify Africa Act of 2014 (OPIC Reauthorization)
Today the House is scheduled to vote on the Electrify Africa Act of 2014 (H.R. 2548), which includes a three-year reauthorization of the Overseas Private Investment Corporation (OPIC). Created in 1969, OPIC is a taxpayer-back federal agency that subsidizes private domestic companies investing in foreign countries.
The Heritage Foundation has opposed OPIC for decades. In 1996, Heritage analyst Brett Schaefer noted the “irony of using a government-run program to encourage other countries to end government interference in their economies. That same year, Nobel laureate Milton Friedman wrote a letter to the House budget chairman: “I cannot see any redeeming aspect in the existence of OPIC. It is special interest legislation of the worst kind, legislation that makes the problem it is intended to deal with worse rather than better…. OPIC has no business existing.”
The Examiner’s Tim Carney noted, the OPIC reauthorization is “more contentious issue” than the bill itself, “So it was convenient that a few inscrutable lines in a 22-page, non-controversial bill would do the deed.”
The inclusion of the OPIC reauthorization in H.R. 2548 is not transparent and is another form of corporate welfare, like the Export-Import Bank. Email your Representative now and encourage him or her to vote no on the Electrify Africa Act of 2014 because of its OPIC reauthorization.