In just a few hours, the U.S. House of Representatives will vote on H.R. 4863, legislation reauthorizing the Export-Import Bank and renaming it the Export Financing Agency. . .
Congress may be changing its name, but they aren’t changing its function.
The Export Finance Agency will continue to put taxpayers on the hook for loans to some of America’s biggest and most politically powerful corporations to subsidize their exports.
Even worse, H.R. 4863 increases the amount the Export Finance Agency can lend to these multinational corporate welfare queens.
The Export Finance Agency’s defenders say the program is necessary to create jobs by financing projects that could not otherwise get financing. . .
But as anyone who understands economics knows, if a program cannot get funding in the free market, then it does not deserve funding.
And even a pro-Export Financing Agency thinktank has admitted the agency does not create jobs; instead, it “. . . merely redistributes jobs across the economy rather than create more overall jobs.”
But programs like the Export Finance Agency do more than just redistribute jobs. . .
By taking resources out of the private sector to give to government programs, the Export Finance Agency empowers politicians, bureaucrats, and their crony capitalist pals to override the wishes of consumers as to how to best use those resources.
The result is a less efficient economy, fewer jobs, and lower wages!
And by increasing the amount the Export Finance Agency can lend, H.R. 4863 will increase the damage done by this program!
So please call your U.S. Representative immediately at 202-224-3121 and tell them to vote no on H.R. 4863.
And please share this message on social media.
Many of the projects financed by the Export Finance Agency don’t just benefit crony capitalists. . .
They also help foreign governments -- including some the political establishment and mainstream media claim are a threat to the U.S. -- such as Vladimir Putin’s Russia, which has benefited from over $1.5 billion dollars of U.S. taxpayer-backed loans thanks to the Export Finance Agency.
Does this sound like putting America First or draining the swamp?
So please call your U.S. Representative immediately at 202-224-3121 and tell them to vote no on H.R. 4863.
And please do everything you can to spread the word about this terrible bill. It’s urgent we get as many people as possible to call their representatives this morning to tell them to oppose the bill.
Remember the vote is in a few hours, so we do not have time to lose!
With the global economy on the verge of a worldwide downturn, it is only a matter of time before multinational corporations find themselves unable to pay back these loans -- leaving the taxpayers with one more government-created liability.
Yet the U.S. House is actually preparing to not only reauthorize the Export Finance Agency but to increase its budget!
That’s why it’s so important you take action right away and tell your representative you don’t want to be put on the hook for the benefit of crony capitalists and foreign governments.
Only 2% of American exports receive financial assistance from the Export Finance Agency.
And the vast majority of that assistance goes to big corporations that do not need any help from the taxpayers.
When bureaucrats make loans to big corporations, it gives those big companies a huge advantage over their smaller competitors.
So, the Export Finance Agency makes it impossible for small companies to compete on a level playing field in the international marketplace.
So please call your U.S. Representative immediately at 202-224-3121 and tell them to vote no on H.R. 4863.
Tell them you know the Export Finance Agency may be a good deal for politicians, bureaucrats, and politically well-connected corporations. . .
But it is a bad deal for the majority of American workers, small business owners, and taxpayers.
Remember, the vote is today so please call as soon as possible.
When he was in Congress, Campaign for Liberty Chairman Ron Paul waged an often-lonely battle to shut down the Export-Import Bank.
Few members on either side of the aisle wanted to make enemies of some of the most powerful corporations in America by opposing their export finance piggy bank.
But thanks in large part to Campaign for Liberty supporters like you, this has changed.
More U.S. Representatives and Senators have come to oppose this agency and other forms of crony capitalism.
In fact, the agency was temporarily shut down in 2015. We can build on this success, even with the Democrats in charge.
You see, Dr. Paul had some unexpected allies in fighting export subsidies. In fact, one example was Senator Bernie Sanders!
With progressives like Bernie Sanders exercising new clout in the Democratic caucus, there is a chance they may join with anti-corporate welfare liberty Republicans like Thomas Massie to kill the Export Finance Agency.
But for that to happen, we need to turn the pressure up.
Remember, the Export Finance Agency’s beneficiaries are some of the biggest and most politically powerful corporations in America.
These corporations have tremendous influence with leadership in both parties and you can bet they’re using every ounce of their influence to ram H.R. 4863 into law!
So please call your U.S. Representative immediately at 202-224-3121 and tell them to vote no on H.R. 4863.
And then, share this message on social media.
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