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Down with banking cronyism.
Rep. Justin Amash (R-MI) has introduce H.R. 3114 which seeks to eliminate the Import-Export bank and end what he calls “Washington’s addiction to cronyism.”
“The Export-Import Bank is a prime example of Washington’s addiction to political cronyism. Instead of allowing businesses to compete in a free market, politicians pick winners and losers. Meanwhile, taxpayers assume the financial risk for the bank’s federally backed loans while a few corporations pocket the profits,” said Amash in a press release.
According to a release sent out of Amash’s office, The the Export-Import Bank Termination Act of 2017, shuts down the crony bank, which subsidizes loans for a few politically connected corporations at the expense of American businesses and taxpayers.
HR 3114 would phase out the bank in three years time, eliminating what the press release calls “billions of of dollars in corporate welfare and ending the bank’s distortion of the private trade finance market.”
The bill is being co-sponsored by Reps. Dave Brat (R-VA), Ken Buck (R-CO), Michael Burgess (R-TX), Scott DesJarlais (R-TN), Walter Jones (R-NC), Jim Jordan (R-OH), Raúl Labrador (R-ID), Thomas Massie (R-KY), and Tom McClintock (R-CA).
The controversial banking institution has a less clear path with the President of the United States, Donald Trump. Trump, once railed against the Bank, but in April reneged his stance claiming that the Ex-Im Bank helped small companies.
“Instinctively, you would say, ‘Isn’t that a ridiculous thing,’” Trump said. “But actually, it’s a very good thing. And it actually makes money, it could make a lot of money.”