Aug 19, 2016
Freedom Partners Urges Speaker Ryan to Oppose Back-Door Ex-Im Deal
Post by Freedom Partners
One success in the fight against corporate welfare at the U.S. Export-Import Bank has been the bank’s inability to approve financing deals greater than $10 million.
That’s because U.S. Senator Richard Shelby, chairman of the Senate Banking, Housing and Urban Affairs Committee, has opposed the appointment of an additional Ex-Im Bank board member, thereby preventing the board from achieving the quorum necessary to approve high-dollar deals.
An amendment recently approved by the House Appropriations Committee attempts to undermine Sen. Shelby’s efforts. If enacted into law, the amendment would change the bank’s quorum requirements and open the floodgates to millions of dollars in corporate welfare.
Freedom Partners Chamber of Commerce opposes the amendment and sent a letter to House Speaker Paul Ryan yesterday urging him to oppose the amendment.
“The amendment is a blatant attempt to expand taxpayer-funded corporate welfare,” wrote Freedom Partners Chairman Mark Holden.
“If enacted into law, it would overwhelmingly benefit some of the largest and most politically connected companies in the world at the expense of America’s small businesses, which have historically received a smaller share of Ex-Im Bank financing.”
The Freedom Partners letter notes that in fiscal year 2015, “only 11 percent of financing for deals worth more than $10 million directly benefited small businesses.”