October 9, 2015[Washington, D.C.] The John K. MacIver Institute for Public Policy joined a national coalition of organizations to oppose the resurrection of the Export Import Bank, an agency with a history of corruption, cronyism, and market extortion. As institutions with unique perspectives from all across the country, we urge Congress to let this harmful and unethical institution expire. The full letter is below:
On behalf of our organizations and the millions of Americans we represent, we write to express our deep concern about efforts to resurrect the Export Import Bank.
Ex Im is a decades old agency that dates back to the Great Depression, a creature of Washington that hands out risky loans to some of the world’s biggest corporations. Ex Im distorts export markets and awards benefits to those with political connections. The long history of corruption at the bank has led to a guilty plea of one former Export Import Bank official and the longest prison sentence ever handed down to a member of Congress. Worse, media reports indicate that dozens of investigations into misconduct at the bank remain underway.
On top of the policy and ethical concerns with the bank, we are increasingly concerned about the process. Congress should not use an esoteric parliamentary tactic to sidestep the regular legislative process in order to fast-track legislation reauthorizing this scandal-plagued bank. The House Financial Services Committee and the Senate Banking Committee have both held hearings studying the issue over the course of the year, and neither has advanced reauthorization legislation.
We urge you to oppose efforts to resurrect the Export-Import Bank, particularly those that subvert the normal committee process.
Brett Healy, President
The John K. MacIver Institute for Public Policy
A PDF of the letter including all the signatories is available here.