The Arizona Free Enterprise Club, along with over 50 other organizations and groups from around the country, is urging Congress to oppose the reauthorization of the Export-Import Bank. Primarily used to subsidize politically connected businesses to increase US exports, the bank is a poster child of the type of insider crony capitalism that has existed in Washington for far too long.
Despite the fact that the bank distorts the international trade market and costs taxpayers money (the Congressional Budget Office projects it will cost $2 Billion over the next decade), it continues to survive solely on the political strength of the few beneficiaries of the program. It’s time we stop picking winners and losers and let the free market determine who should succeed.
We urge congress to end the corporate welfare and oppose the reauthorization of the Export-Import Bank.
To read the letter sent to congress opposing the Bank, click here.