Do you know how your Representative voted on the reauthorization of the Export Import Bank? You should. The measure’s sponsor is Rep. Maxine Waters. Her reputation precedes her. H.R. 4863 reauthorizes the Export-Import Bank for ten years.
Why we don’t want Maxine Waters for our financial advisor?
This measure was passed without any significant, commonsense or bipartisan reforms. For example, it should have had restrictions on taxpayer dollars going to Chinese Communist Party-backed companies. The Export-Import Bank has been under fire for many years. Its crony business dealings and putting taxpayer dollars at risk are the main concerns.
According to Diane Katz, at The Heritage Foundation, “Boeing alone garnered 70% of all Export-Import Bank loan guarantees and 40% of all authorizations.”
Ironically, the previous lack of a quorum has made the Export-Import Bank much kinder to small businesses. According to the Wall Street Journal:
“The lack of a quorum has converted the bank into a financier of small business, which proponents have always argued is the place’s purpose. The Mercatus Center at George Mason University recently released an analysis showing that in 2018 some 66% of the bank’s financing flowed to small businesses, versus 25% in 2014.”
A 2014 CBO estimate shows the bank does not use GAAP. But, if they did use generally accepted accounting principles, the bank would cost taxpayers $2 billion over a decade.
Proponents of the Export-Import Bank claim it’s needed. Without it (they claim) protection of American workers is more difficult. It is needed by businesses to combat unfair Chinese practices. However, the bank’s actions have had the exact opposite effect.
Taxpayer-backed Export-Import Bank loans are aiding foreign companies. It is aiding companies backed by countries such as China, Mexico, and Turkey. The Air Transport Association estimates that the bank’s loans to foreign airlines alone have killed thousands of jobs for domestic airlines in the United States.
House Democrats have refused to include any reforms in H.R. 4863. They see no value in putting American companies first. House Democrats are opposed to restricting aid to foreign-backed companies. They do not care about American workers, American companies, American industries, our position in international trade and national security.
Your Representative’s position
Representatives Kuster and Pappas both supported the reauthorization of the Export Import Bank. It is time to drain the swamp. It is time to stand up for the average American. We do not need more government programs to giving away our tax dollars.
Most especially, we shouldn’t be supporting politically connected foreign companies. That is doubly so for those operating for the benefit of foreign governments. This measure passed on a party-line vote, with Democrats voting to support it. It is Obamacare for business. It is going to cost lots of tax dollars; there is little to no benefit to the American taxpayer.
America is $23 trillion in debt this is an issue we could easily do without. It is a question of leadership. Your representative voted to give away your tax dollars in return for … nothing. Maybe you should call them up and thank them, or stop in and talk with them in person. This week, the House passed the Export Import Bank Reauthorization.