“President Obama was right in 2008 when he called the Export-Import Bank ‘little more than a fund for corporate welfare’ and wrong today when he cheerleads for its renewal.”
House Financial Services Committee Chairman Rep. Jeb Hensarling (R-Texas) chastised President Obama on Saturday for pushing an extension of the Export-Import Bank.
In his weekly address, Obama said lawmakers should extend the Export-Import Bank, which provides financing for projects designed to increase U.S. exports, when they return to Washington because it “helps many American entrepreneurs take that next step and take their small business global.”
However, Hensarling said Saturday that Obama was not always in favor of the Ex-Im Bank
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“We need to level the playing field so American manufacturers and small businesses can compete,” Hensarling continued. “But Ex-Im doesn’t level the playing field; Ex-Im rigs it in favor of few powerful Fortune 500 corporations that are the overwhelming beneficiaries of Ex-Im. Washington shouldn’t pick winners and losers, and hardworking American taxpayers — who are already under tremendous stress — shouldn’t be forced to pay for foreign corporate welfare that advantages a handful of powerful, politically-connected corporations.”
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