As Americans First pointed out last September, Congress had kicked the can down the road on reauthorizing the Export-Import Bank, which sole purpose is to provide taxpayer backed government loans to foreign companies. The issue is now before Congress again (click here) and has support across party lines. Americans First is strongly opposed to this re-authorization that puts U.S taxpayer money at risk only to benefit large corporations such as Boeing and Caterpillar who receive the lions share of the benefits. Congress should learn from the lessons of Fannie Mae & Freddie Mac that using taxpayer money as loan guarantees is an unwise process.
This program is rife with fraud. Only days after passing the extension last September, a Memphis, Tn. based firm admitted to fraudulently obtaining a loan and paid a $3.5 million dollar fine. Tell Congress NO to re-authorizing the Export-Import Bank.