CCAGW Slams Rep. Fincher’s Attempt to Resurrect Wasteful Government Relic | Council For Citizens Against Government Waste

CCAGW Slams Rep. Fincher’s Attempt to Resurrect Wasteful Government Relic

Press Release

For Immediate ReleaseContact: Curtis Kalin 202-467-5318
October 26, 2015 

(Washington, D.C.) – Today, the Council for Citizens Against Government Waste (CCAGW) slammed Rep. Stephen Fincher (R-Tenn.) for his efforts to revive the wasteful Export-Import (Ex-Im) Bank.  Rep. Fincher is the lead sponsor of a discharge petition, which is designed to circumvent committee procedures and force a vote directly on the floor of the House to reauthorize the bank.

The Ex-Im Bank is an independent government agency that was founded in 1934 to encourage U.S. exports.  The bank provides taxpayer-backed direct loans, guarantees, and export credit insurance, which totaled $27.5 billion in fiscal year (FY) 2014. About two-thirds of the bank’s payouts went to only 10 businesses in 2013, some of which had profit margins in the hundreds of millions.  Stable, profitable companies such as Boeing, Caterpillar, Chevron, Dell, and Halliburton, have all received taxpayer support from the Ex-Im Bank despite having had no trouble securing private financing.  A May 2014 Congressional Budget Office report found that when the fair value accounting method is used, Ex-Im Bank has an estimated 10-year cost of $2 billion.

Rep. Fincher has a long and winding history with the bank.  He was elected in 2010 as a Tea Party fiscal conservative and voted against the bank in 2012.  But he now leads the coalition attempting to raise it from the dead.  For his flip-flop and his leadership in the battle to reauthorize this wasteful and unnecessary haven for corporate welfare, CAGW named Rep. Fincher its July Porker of the Month.

CCAGW President Tom Schatz said, “CCAGW had hoped Members of Congress who claimed to stand for fiscal discipline would follow through on their pledge to taxpayers once they were elected, but Rep. Fincher has betrayed that commitment by attempting to resurrect Ex-Im.  He campaigned one way and voted another way.  His efforts should be defeated.” 

The Council for Citizens Against Government Waste is the lobbying arm of the nation’s largest nonpartisan, nonprofit organization dedicated to eliminating waste, fraud, abuse, and mismanagement in government.

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