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Conservatives: Join Us To Deauthorize The Corrupt Ex-Im Bank

Ex-Im Bank sends taxpayer money overseas

More than 50 conservative groups sent a letter to lawmakers on Monday urging them to not to reauthorize the Export-Import Bank.

However, opponents acknowledge that, due to the lobbying power of Big Business, they still face an uphill climb in preventing the reauthorization of the bank, which provides billions of dollars annually in loan guarantees and other financial support for U.S. exports by such corporate giants as Boeing and other members of Big Business influence peddling organizations, such as the U.S. Chamber of Commerce.

That’s why we need a strong grassroots effort to show that Americans want an end to the Export – Import Bank – a New Deal relic that now forms the backbone of the federal government’s politically motivated management of trade that is also rife with corruption.

And our grassroots groundswell is building: The Washington Post noted recently that bank’s fate has already surfaced as a key issue for the crop of likely Republican presidential candidates as they work to impress the party’s conservative base. Most of the GOP field has rushed to call for an end to the institution, including former Florida governor Jeb Bush, Wisconsin Gov. Scott Walker, Sen. Marco Rubio of Florida, Sen. Rand Paul of Kentucky, Sen. Ted Cruz of Texas, Louisiana Gov. Bobby Jindal and Indiana Gov. Mike Pence.

The Post notes Bush’s stance is particularly striking: He was affiliated with a Florida company that marketed water pumps to Nigeria as part of a deal that received $74 million in Export-Import Bank financial support.

As a Milwaukee County executive, reported Washington Post writers Matea Gold and Tom Hamburger, Walker complained that the bank was blocking financing for a coal-fired power plant in India that wanted to order equipment from a Wisconsin company. The experience convinced him the bank could be manipulated for political purposes, aides said.

“Governor Walker does not believe it should be reauthorized,” AshLee Strong, a spokeswoman for Walker’s political committee, said in a statement reported by Gold and Hamburger

Rep. Jeb Hensarling of Texas, chairman of the House Financial Services Committee and  Ways and Means Committee Chairman Paul Ryan of Wisconsin have expressed support for letting the bank’s charter expire June 30.

But a strong commitment to the principles of limited government and free enterprise and opposition to government managed, politically motivated, trade aren’t the only reasons to oppose the reauthorization of the Export – Import Bank.

There’s also the issue of the bank’s endemic corruption.

“Congress must end the Export-Import Bank,” said our friend Club for Growth President David McIntosh. “Nearly 99% of the U.S. businesses that export goods do so without any help from Ex-Im, and it’s a federal agency that is rife with corruption.”

McIntosh went on to cite more than 30 active investigations of alleged fraud by Ex-Im bank employees as among 50 reasons The Club for Growth supports ending the Ex-Im Bank. You can read reports from Rep. Jim Jordan’s hearings on Ex-Im corruption here and here.

We urge you to join us in the fight to deauthorize the Export – Import Bank, a New Deal relic that now forms the backbone of the federal government’s politically motivated management of trade that is also rife with corruption.

ACT TODAY! To end politics, corruption and the federal government’s politically motivated management of the economy add your name to the letter to Congress already signed by the leaders of over 50 conservative organizations through this link.

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