Bears Ears Tea Party Patriots: Bennet wrong about the Export-Import Bank | CraigDailyPress.com

Bears Ears Tea Party Patriots: Bennet wrong about the Export-Import Bank

To the editor:

Most Americans probably have no idea what the Export-Import Bank even is, much less why it’s in the news right now. Yet it’s becoming the latest front in the fight to trim federal government.

The Ex-Import Bank was established in 1934 to serve as a credit agency that could finance the foreign purchase of American-made goods. What started as a New Deal-era program, however, has morphed into a taxpayer-funded government machine of corporate welfare for foreign interests who buy American products. And if Congress doesn’t act by the end of September to reauthorize the bank, it will run out of funding.

What does that mean for the average American, in practical terms? Not much, except that the American people have the right to know if their tax dollars are being spent wisely. While the idea of Congress not reauthorizing the Ex-Import bank doesn’t sit well with CEOs like those of Boeing and Delta, there’s no good reason why the United States — or taxpayers for that matter — needs it.

As Sen. Ted Cruz pointed out in an op-ed in USA Today [1]: Contrary to the values that keep America strong, safe and free, the Export-Import Bank has facilitated lending to governments in Congo [2] and Sudan [3], countries with horrific human rights records [4]. It has financed Chinese power plants [5] and backed Russian billionaires [6] buying luxury planes. And, it has provided lots and lots of financing to oil companies in Russia, Brazil, the United Arab Emirates and Saudi Arabia that compete directly with America’s energy companies.

It’s no surprise that big business loves the Ex-Import bank. But as Tea Party Patriots, we believe in free markets that operate without government interference; that means without special handouts.

Recommended Stories For You

It’s also worth noting that 98 percent of America’s exports are made without assistance from the Ex-Im Bank. That alone demonstrates why we can do without it.

It’s time to let the Ex-Import Bank go.

1 — Cruz, Ted. Ted Cruz: Obama backs corporate welfare. usatoday.com 30 July 2014. usatoday.com/story/opinion/2014/07/30/export-import-cruz-column/13331967/

2 — Exim Bank extends $82-mn line of credit to Congo. thehindubusinessline.com 3 July 2014. thehindubusinessline.com/companies/exim-bank-extends-82mn-line-of-credit-to-congo/article6173592.ece

1 — Exim Bank gives

$125 mn credit line to Sudan for sugar project. articles.economictimes.indiatimes.com 13 Jan 2014. articles.economic

times.indiatimes.com/2014-01-13/news/46149782_1_includ

ing-consultancy-services-financing-eligible-goods-exim-bank

4 — Human Rights in the Democratic Republic of Congo. hrw.org hrw.org/africa/democratic-republic-congo

4 — Human Rights in the Democratic Republic of Congo. http://www.hrw.org hrw.org/africa/democratic-republic-congo

5 — Environmental Information for Pending and Approved Transactions. exim.gov exim.gov/generalbankpolicies/environment/pending-and-approved-transactions.cfm

6 — Schneyer, Joshua and Grow, Brian. Exclusive: Russian billionaire seeks U.S. government financing for luxury jets. reuters.com 31 July 2013 reuters.com/article/2013/07/31/us-timchenko-loans-idUSBRE96U0R720130731


National Tea Party Patriots
Submitted by Bears Ears Tea Party Patriots

Go back to article