Memo For The Movement: End the Corporate Welfare of the Export-Import Bank

April 19, 2012 - 10:47 AM

The Conservative Action Project has released its latest Memo For The Movement: "End the Corporate Welfare of the Export-Import Bank."

The Conservative Action Project, chaired by former Attorney General Edwin Meese, is designed to facilitate conservative leaders working together on behalf of common goals.  Participants include the CEO’s of over 100 organizations representing all major elements of the conservative movement—economic, social and national security.

MEMO FOR THE MOVEMENT

RE: The reauthorization of the Export-Import Bank of the United States before the Bank’s current authority expires at the end of May. The Obama administration aided by politically connected corporations is seeking an extension of the Ex-Im Bank’s reauthorization and a major expansion of its borrowing capacity.

ACTION: With the Federal government saddled with trillion dollars in deficits and debt the Export-Import Bank should be neither expanded nor reauthorized. We urge all organizations and individuals concerned about the size of the federal government to issue op-eds, alerts, blog posts, releases, and other communications warning about the implications of reauthorizing of the Export-Import Bank.  Time is short, therefore please do not delay.

ISSUE-IN-BRIEF: The EX-IM was a “New Deal” program created during the Roosevelt administration for the purpose of making loans to the Soviet Union. It became an independent agency in 1945 expanding its reach and since then has doled out hundreds of billions of dollars with very little accountability.

  • The free-market objection to this government entity is that the Ex-Im Bank is a government subsidy to certain companies with influential friends favored by the federal government—picking private-sector winners and losers.
  • While it has allegedly been self-financing for a number of years—much like Fannie Mae & Freddie Mac—taxpayers remain exposed to tens of billions of dollars of loans and guarantees.  (FYI…the Bank sought a $3 billion bailout in 1987 because of mismanagement of funds)
  • In fiscal year 2009, Ex-Im guaranteed $8.4 billion of loans to a single company—Boeing---an astounding 90% of Ex-Im’s entire loan guarantees that year.
  • In fiscal year 2010 Boeing was awarded $6.4 billion in loan guarantees—63% of the total of Ex-Im loan guarantees for that year.
  • The bankrupt company Solyndra benefited from a $10.3 million loan guarantee from Ex-Im’s “Renewable Express” program, which was created to specifically aid the renewable energy industry

Signed:

Chris Chocola, President, Club for Growth

Colin Hanna, President, Let Freedom Ring

William Wilson, President, Americans for Limited Government

David N. Bossie, President, Citizens United

Tony Perkins, President, Family Research Council

Duane Parde, President, National Taxpayers Union

Grover Norquist, President, Americans for Tax Reform

Tom Schatz, President, Council for Citizens Against Government Waste

Gary Bauer, President, American Values

Alfred Regnery, President, The Paul Revere Project

C. Preston Noell, President, Tradition, Family, Property

Myron Ebell, President, Freedom Action

Brent Bozell, President, Media Research Center

David Williams, President, Taxpayers Protection Alliance

Elaine Donnelly, President, Center for Military Readiness

David Y. Denholm, President, Public Service Research Foundation

Seton Motley, President, Less Government

Edwin Meese III, former Attorney General

Erick Erickson, Editor, RedState.com

Tom Winter, Editor-in-Chief Emeritus, Human Events

Morton Blackwell, Chairman, The Weyrich Lunch

Al Cardenas, Chairman, American Conservative Union

James Martin, Chairman, 60 Plus Association

Mathew D. Staver, Chairman, Liberty Council Action

J. Kenneth Blackwell, Chairman, Coalition for a Conservative Majority

Richard Viguerie, Chairman, ConservativeHQ.com

Susan Carleson, Chairman & CEO, American Civil Rights Union

Michael Needham, Chief Executive Officer, Heritage Action for America

Donna Hearne, Executive Director, Constitutional Coalition

Bill Pascoe, Executive Vice President, Citizens for the Republic

James Miller III, former Reagan Budget Director

T. Kenneth Cribb, former Domestic Advisor to President Reagan

Chris Littleton, Co-Founder, Ohio Liberty Council

(All organizations listed for Identification purposes only)

 

For Additional Information on the Export-Import Bank please click on the links below:

http://www.clubforgrowth.org/perm/?postID=15742

http://www.cato.org/publications/free-trade-bulletin/expanding-exims-mandate-is-big-mistake

http://www.nationalreview.com/corner/292997/why-would-anyone-be-against-export-import-bank-veronique-de-rugy

http://www2.timesdispatch.com/news/commentary/2012/apr/08/tdcomm01-taxpayers-fund-crony-capitalism-ar-1824771/

http://www.washingtonpost.com/opinions/export-import-banks-damage-to-american-firms/2012/03/15/gIQAFDSNHS_story.html

U.S. Government's Ex-Im Bank Gave 44% of Its Financing to Just 3 Companies: http://cnsnews.com/news/article/us-governments-ex-im-bank-gave-44-its-financing-just-3-companies

http://rsc.jordan.house.gov/UploadedFiles/PB_020812_ExImBank_Final.pdf

http://thehill.com/blogs/congress-blog/economy-a-budget/220219-time-to-retire-the-export-import-bank

http://www.cagw.org/newsroom/waste-watcher/2012/march/obama-doubles-down-on.html

http://www.politico.com/news/stories/0312/74256.html

http://danieljmitchell.wordpress.com/2012/04/12/a-nauseating-example-of-cronyism-sleaze-and-corruption-at-the-export-import-bank/?utm_source=twitterfeed&utm_medium=twitter

http://www.nationalreview.com/corner/295938/congresss-chance-take-corporate-welfare-veronique-de-rugy

http://www.huffingtonpost.com/ken-blackwell/export-import-bank_b_1417598.html

http://www.commondreams.org/views02/0515-09.htm

http://www.washingtonpost.com/opinions/the-ex-im-impasse/2012/04/08/gIQAY2KW4S_story.html

http://www.pv-tech.org/news/solyndra_using_ex_im_bank_loan_guarantees_system_to_support_commercial_roof

http://www.cleanenergyauthority.com/solar-energy-news/ex-im-bank-supports-largest-solyndra-project-061411

http://www.demint.senate.gov/public/index.cfm?p=JimsBlog&ContentRecord_id=15dafa84-5aa3-41ff-8f3f-9f16c5c22cd6

http://ampedstatus.org/obama-solyndra-scandal-roundup-background-information-and-unanswered-questions-videos

http://www.politico.com/news/stories/0412/74757.html

http://www.reuters.com/article/2012/03/23/us-usa-trade-eximbank-idUSBRE82M06Q20120323

http://cei.org/op-eds-articles/export-import-bank-should-be-ex-bank

http://spectator.org/archives/2012/03/21/the-export-import-bank-should

http://blog.getliberty.org/default.asp?Display=4200

http://www.redstate.com/brian_d/2012/03/28/senator-obama-was-correct-the-ex-im-bank-is-corporate-welfare

http://cei.org/op-eds-articles/corporate-welfare-bad-business-all-around

http://www.heritage.org/research/reports/2010/05/corporate-social-responsibility-standards-iso-26000-bad-for-business

http://www.foxbusiness.com/markets/2012/03/20/senate-blocks-funding-for-export-import-bank

http://www.americanthinker.com/2012/02/obama_perverts_ex-im_bank_into_competitor_for_domestic_banks.html

http://www.cato.org/publications/white-paper/federal-aid-dependent-corporations-clinton-congress-fail-eliminate-business-subsidies?full=1

http://articles.sun-sentinel.com/1985-08-18/news/8502030465_1_stockman-commercial-banks-eximbank

VIDEO: Export-Import Bank Linked to Mexican Drug Cartels – WFAA-TV Channel 8 (Source)

VIDEO: Fraud and Losses at the Ex-Im Bank – WFAA-TV Channel 8 (Source)

VIDEO: Senator Obama Was Correct – The Ex-Im Bank Is Corporate Welfare – Brian Darling, RedState.com (Source)

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