Historically, Ex-Im loans have overwhelmingly benefited one company: Boeing. In 2009, a whopping 90 percent of Ex-Im’s loans went to finance Boeing sales. In 2010 it was 63 percent. Boeing is a great company, but it can compete with Airbus and its other competitors without help from American taxpayers.
Even worse, in recent years Obama has transformed Ex-Im, which he once correctly denounced as “Little more than a fund for corporate welfare” into the kind of slush fund he can love: one that rewards his cronies in the green energy industry.
Solyndra received $10.3 million from Ex-Im’s “Renewables Express” program on its way to bankruptcy. First Solar, which took a $449 million loss last quarter in a desperate restructuring to attempt to avoid bankruptcy, received Ex-Im backing for sales of solar panels to its own Canadian subsidiary.
Worst of all, three years ago Ex-Im was the pot of money Obama used to massively subsidize offshore oil drilling in Brazil at the same time he was shutting it down here in the United States. Ex-Im granted a $2 billion loan guarantee to Brazilian-government-owned oil giant Petrobras. We wanted to be their best customers, Obama told us, but did we really need to also be their financiers?
Unfortunately, 147 House Republicans joined every House Democrat to reauthorize the corporate welfare Ex-Im Bank. (Kudos to the 93 Rs who voted NO!) The Senate will vote soon.
Send a message to your Senators NOW to VOTE NO on the Export-Import Bank!