Chairman Hensarling: The Truth is Ex-Im Backs Exports for Less Than 1 Percent of 1 Percent of America’s Small Businesses
July 22, 2014 -
Financial Services Committee Jeb Hensarling (R-TX) today responded to claims being made by supporters of the Export-Import Bank about Ex-Im and small businesses:
“For political purposes, Ex-Im is desperately trying to portray itself as a friend of small business. But Ex-Im backs exports for less than one percent of one percent of America’s small businesses. Just 0.009 percent of America’s small businesses receive any help at all from Ex-Im. Even the Bank’s own annual report shows it consistently fails to achieve the congressionally-required level of authorizations for small businesses.
“So who does Ex-Im really help? The facts show that the overwhelming majority of Ex-Im’s taxpayer-subsidized assistance goes to benefit large, multi-national corporations that don’t really need the taxpayers’ help in the first place. In 2013, over half of Ex-Im’s financing went to a handful of Fortune 500 companies.
“Without a doubt, American manufacturers – and especially our small businesses – face an unlevel playing field that makes it harder for them to compete in the global marketplace. However, this unlevel playing field does not exist because American businesses are under-subsidized by hardworking taxpayers. Rather, it exists because of Washington’s misguided policies – especially in the areas of taxation, regulatory burden, and liability exposure.
“Leveling the playing field through pro-growth policies like fundamental tax reform, American energy independence, cutting federal red tape, and reducing abusive lawsuits will do much more to help American exporters than Ex-Im ever could.”