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Export-Import Bank Reauthorization Act of 2012

Floor Speech

Location: Washington, DC


Mr. McCLINTOCK. I thank the gentleman for yielding to a dissenting point of view.

Mr. Speaker, this program dragoons American taxpayers into subsidizing loans to foreign companies, making it cheaper for them to buy products from politically favored companies, which in turn use those products to compete against less-favored American companies. Past beneficiaries include such upstanding enterprises as Solyndra and Enron.

Since 2007, almost half of its money goes to support that plucky little start-up called Boeing. Air India got $5 billion to purchase Boeing aircraft, allowing them to undercut American carriers like Delta with their own tax money.

We're told we need this to compete with other nations that do the same thing. Well, Mr. Speaker, if other nations want to impoverish themselves in this manner, we don't need to imitate them.

We're told this doesn't cost the taxpayers money, and the last few years this turned to profit. Well, that's what they told us about Fannie Mae and Freddie Mac--until they blew up in our face.

Legitimate companies have plenty of access to private capital. They don't need these subsidies. The illegitimate ones shouldn't be propped up with the hard-earned dollars of working taxpaying Americans.


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