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Ex-Im Bank Support Crashing – Senate Banking Chair Now Against Reauthorization

Senator Richard Shelby R-Alabama

Senator Richard Shelby (R-AL), Chairman of the Senate Banking Committee, has joined Chairman Jeb Hensarling, his House counterpart, and announced his opposition to reauthorization of the Export-Import Bank. Tuesday Senator Shelby told Alabama’s that he thinks “It is time to put an end” to the Export-Import bank, a major development due to Shelby’s position as chairman of the powerful Senate Banking Committee.

The Ex-Im bank, which requires Congressional reauthorization, will expire unless it is renewed by June 30th.

In a hearing by the Senate Banking Committee last week, the Senator expressed his disappointment in the bank’s progress on the accountability reforms recommended by the Government Accountability Office in 2012.

“After years of efforts to reform the Bank, I am not convinced that it has made enough progress to warrant a long-term reauthorization,” Shelby said during the hearing. “Taxpayers should not be compelled to once again stand behind the Bank if the problems are impossible to fix.”

“After years of efforts to reform the Ex-Im Bank, it has become clear to me that its problems are beyond repair and that the Bank’s expiration is in the best interest of American taxpayers,” Sen. Shelby told Yellowhammer Tuesday afternoon. “Nearly 99% of all American exports are financed without the Ex-Im Bank, which demonstrates that subsidies are more about corporate welfare than advancing our economy.”

The Club for Growth, a leading conservative opponent of reauthorization of the Ex-Im Bank issued a statement praising Shelby’s comments and speaking for many conservative opponents of Ex-Im’s cronyism and corruption:

“Chairman Shelby is exactly right that ‘we really won’t miss’ the Export-Import Bank when its charter expires,” said Club for Growth President David McIntosh. “As the American people learn about Ex-Im’s corruption and corporate welfare, the tide continues to turn against reauthorization.

“With the Senate Banking Chair and the House Financial Services Chair committed to not moving an Ex-Im reauthorization bill, this matter should be closed. The Club urges Senator McConnell and Speaker Boehner to be on the right side of this issue and to agree to not attach an Ex-Im bill to other legislation that Congress is considering. The Senate needs to follow regular order and not take up Ex-Im legislation that is not put forth by the Banking Committee.”

When government is empowered to pick winners and losers – often times the losers flourish and the winners are punished. 

Please join the leaders of over 50 conservative organizations by signing the conservative letter to Congress demanding that your Representative and Senators let the Export - Import Bank expire on June 30, 2015.

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