OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Once Again We See Why Ex-Im Has Earned Its Nickname "Bank of Boeing'

Statement

Date: March 13, 2015
Location: Washington, DC
Issues: Finance and Banking Trade

Financial Services Committee Chairman Jeb Hensarling (R-TX) issued the following statement on a Page 1 story in today's Wall Street Journal about secret e-mails that reveal "an extraordinary level of cooperation" between the Export-Import Bank and Boeing, Ex-Im's biggest beneficiary:

"There's been a lot of talk in Washington about "reforming' the Export-Import Bank instead of letting it expire on schedule. But when Congress reauthorized Ex-Im in 2012, it mandated reforms that the Bank has failed to enact. And now we're learning that Ex-Im's idea of reform is to let big corporations substantially write the rules for their own benefit. Once again, we see why the Export-Import Bank has so richly earned its nickname the "Bank of Boeing' and why congressional tinkering won't fix it. Ex-Im is the poster child of Washington insider cronyism and corporate welfare, and Congress should let it expire."


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