Yoho Opposes Ex-Im Reauthorization

Congressman Ted S. Yoho (R-FL-03) voted against H.R. 597 -- To Reauthorize the Export-Import Bank of the United States. Congressman Yoho released the following statement after his vote:

"The Export-Import Bank (Ex-Im) is a relic of a bygone era and is a symbol of corporate welfare today -- plain and simple. The bank was set up in the 1930s to guarantee loans and provide direct financing at subsidized interest rates to international companies so they can purchase products and services from the United States.

"A small handful of American companies benefit from this bank. Two-thirds of the Ex-Im bank's money goes to around ten companies. Almost half goes to one company. The corporations who use Ex-Im have enough capital to self-fund their own ventures. Hard working American taxpayers should not be the backstop for international business loans.

"I believe the private sector, not the federal government, should be in the business of providing loans to international companies wanting to do business with the US."

Source