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Rubio Campaign Press Release - Some Republicans Are Trying Revive This Crony-Capitalist Boondoggle

October 12, 2015

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Earlier this year, the Export-Import Bank, an 80-year-old federal government institution that subsidizes loans to certain American companies selling products abroad, expired for the first time ever. Marco and other conservatives fought hard to block the Ex-Im Bank's reauthorization, because it is exactly the kind of government intervention America doesn't need if we want to build a 21st Century economy.

We want American companies to export as much as possible, but a crony-capitalist New Deal-era subsidized bank, which dished the lion's share of its loans to huge corporations that didn't need the help, isn't the way to do it.

Ex-Im fans like to claim it's a free lunch, but economists agree that subsidizing exports isn't a path to job creation or long-term economic competitiveness. Ex-Im's beneficiaries make themselves well known, but there are many, many more losers: domestic companies that don't get Ex-Im's special handouts, American consumers, and the taxpayers who are underwriting the loans.

Ex-Im was a bad idea all along, but it started looking even worse this year as news broke about corruption at the bank, sloppy accounting practices, and lack of transparency that made it even more indefensible.

Yet some members of Congress are pushing to revive the Bank later this month. It's a bad idea, and Ex-Im should stay a thing of the past.

Marco wants to build a New American Economy to compete in the 21st Century, but government intervention like the Ex-Im Bank doesn't help. In fact, more government is exactly what's holding us back.

Marco Rubio, Rubio Campaign Press Release - Some Republicans Are Trying Revive This Crony-Capitalist Boondoggle Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/325840

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