Lawmakers Introduce Bills to Eliminate Export-Import Bank
Two lawmakers have introduced House and Senate bills repealing the Export-Import Bank’s authority and creating a specific process for a bank phasedown. Sen. Mike Lee, R-Utah, who introduced the Senate bill, S-1102, June 6, said the Bank harms taxpayers through…
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its export subsidies, which encourage an “international corporate subsidy bidding war.” Instead, the U.S. should use multilateral agreements to eliminate business subsidies in all nations, Lee said. The House version, HR-2263, was introduced June 5 by Rep. Justin Amash, R-Mich. “The Export-Import Bank has always been a bad idea and needs to be shut down,” Amash said in a statement. “Export subsidies, like those provided by the Export-Import Bank, serve only to enrich well-connected special interests at the expense of the rest of the country.”