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NTU urges all Representatives to vote “NO” on H.R. 2072, the so-called Securing Jobs Through Exports Act.
May 7, 2012
NTU urges all Representatives to vote “NO” on H.R. 2072, the so-called Securing Jobs Through Exports Act. This legislation would extend the life of the Export-Import Bank (Ex-Im Bank) through September 2014 and raise the loan limit to $140 billion, exposing taxpayer funds to additional risk and encouraging corporate welfare.
While the taxpayer-backed guarantees the Export-Import Bank offers might benefit certain businesses that are struggling to compete, these kinds of programs pose serious risks to taxpayers and lead to misallocations of resources. American businesses, large or small, should not be coming to the taxpayer for subsidized loans in order to prop up their exports.
Proponents of the bank cite its role in filling private funding gaps, but those gaps argue for its elimination, not its continuance. If private entities are unwilling to risk their own money, that should serve as a clear warning sign that taxpayer dollars shouldn’t be exposed either. Furthermore, the Ex-Im Bank contributes a negligible portion of our staggering $2.1 trillion in exports. Clearly, businesses are having plenty of success exporting without the need for taxpayer backing. When government picks winners, the real losers are the American people as witnessed by debacles like Solyndra, a company that received Ex-Im funding.
Rather than support government handouts for favored big businesses, legislators should support reforms that help American businesses across the board by lowering tax burdens, fixing our broken Tax Code, and rolling back excessive regulations. We urge you to oppose Ex-Im Bank reauthorization.
Roll call votes on H.R. 2072 will be significantly weighted in our annual Rating of Congress and a “NO” vote will be considered the pro-taxpayer position.
If you have any questions, please contact NTU Federal Affairs Manager Nan Swift at (703) 683-5700