The House Freedom Caucus (HFC) today announced its opposition to the renewal of the Export- Import Bank's charter. HFC released the following statement:
"The House Freedom Caucus opposes reauthorizing the Export-Import Bank, and urges Republican leadership to not bring to the House floor any legislation that would do so. The Ex-Im Bank is the "bridge to nowhere' of corporate welfare, and is a classic example of crony capitalism. The Bank has failed to comply with reform requirements included in previous reauthorizations. There are 31 open fraud investigations at the Bank and one indictment, with more possibly to follow. The Ex-Im Bank financially supports less than two percent of U.S. exports and supports mega-corporations at the expense of small businesses -- literally picking winners and losers among American workers. Its daily operations and its core mission do not align with free market principles. It is clear it cannot be fixed."
HFC joins growing opposition to the bank's reauthorization, including the major fiscal conservative organizations, the top presumed and announced Republican presidential candidates and members of House Republican leadership and key committees of jurisdiction.
HFC is a group of conservative House Republicans who seek to give voice to "countless Americans who feel that Washington does not represent them."