Today, Senator Mike Lee (R-UT) introduced legislation to repeal the authority of the Export-Import Bank of the United States and create a defined process for the phasedown of the bank. Congressman Justin Amash (R-MI) introduced companion legislation in the House of Representatives.
"The Export-Import Bank is a source of corporate welfare that puts taxpayers at unnecessary risk," said Senator Lee. "Instead of subsidizing exports, which encourages an international corporate subsidy bidding war, we should be using multilateral agreements to eliminate business subsidies in all nations. The Ex-Im Bank has outlived its usefulness and it's time to end the Bank's market distortion and political cronyism."
"The Export-Import Bank has always been a bad idea and needs to be shut down," Rep. Amash said. "Export subsidies, like those provided by the Export-Import Bank, serve only to enrich well-connected special interests at the expense of the rest of the country."