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Petition Opposing the Reauthorization of The Export-Import Bank

To:
All Members of U.S. House of Representatives Republican Conference
All Members of U.S. Senate Republican Conference 

STAND AGAINST CORRUPTION, CORPORATE WELFARE, AND CRONYISM!

We the undersigned urge all Senate and House Republicans to stand with Jeb Hensarling in opposition to the reauthorization of the Export – Import Bank.

Few federal programs better exemplify the hypocrisy, cronyism and corruption of Obama’s Washington than the Export – Import Bank.
 

The Ex-Im Bank hampers the free market by picking private-sector winners and losers. Two percent of American exports receive loans and guarantees backed by taxpayers. This is unnecessary corporate welfare at its finest.
 

In theory, the Bank supports American companies, but in practice it offers foreign companies subsidized loans that allow those companies to undercut American-based companies that do not have access to the same low rates.
 

Recipients are often picked according to politically motivated criteria. 

According to a recent Wall Street Journal report, "The U.S. Export-Import Bank has suspended or removed four officials in recent months amid investigations into allegations of gifts and kickbacks, as well as attempts to steer federal contracts to favored companies, several people familiar with the matter said." This is the ugly cost of cronyism.
 
The majority of Ex-Im loans go to large multi-nationals who don't need them. 

House Financial Services Committee Chairman Jeb Hensarling has been leading the opposition to reauthorization of the Bank. House Speaker John Boehner and Majority Leader-elect Kevin McCarthy have indicated they support Hensarling’s position. All Senate and House Republicans are called upon to stand with Jeb Hensarling in opposition to the reauthorization of the Export – Import Bank.

Petition

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