Chairman Jordan, Ranking Member Cartwright, and Members of the
Subcommittee, thank you for inviting me to testify this morning. My name
is Diane Katz. I am a Research Fellow in Regulatory Policy at The
Heritage Foundation. The views expressed in this testimony are my own,
and should not be construed as representing any official position of The
Heritage Foundation.
The charter of the Export-Import Bank (Ex-Im), last authorized in 2012, expires on September 30. Proponents of renewal assert that the bank sustains American jobs, fills gaps in export financing, and levels the playing field against similar subsidies provided by foreign governments. However, there is abundant evidence to the contrary.[1] The academic literature is virtually unanimous in finding that subsidies, in general, and export subsidies, in particular, are detrimental to the economy.[2]
The Export-Import Bank’s Office of Inspector General (OIG) and the Government Accountability Office have repeatedly documented mismanagement and dysfunction within Ex-Im, including insufficient policies and procedures to guard against waste, fraud, and abuse.[3] This pattern of carelessness with taxpayer dollars is evident in a multitude of criminal cases involving bank operations, as detailed below.
http://www.heritage.org/research/testimony/2014/08/mismanagement-of-export-import-bank-invites-fraud
The charter of the Export-Import Bank (Ex-Im), last authorized in 2012, expires on September 30. Proponents of renewal assert that the bank sustains American jobs, fills gaps in export financing, and levels the playing field against similar subsidies provided by foreign governments. However, there is abundant evidence to the contrary.[1] The academic literature is virtually unanimous in finding that subsidies, in general, and export subsidies, in particular, are detrimental to the economy.[2]
The Export-Import Bank’s Office of Inspector General (OIG) and the Government Accountability Office have repeatedly documented mismanagement and dysfunction within Ex-Im, including insufficient policies and procedures to guard against waste, fraud, and abuse.[3] This pattern of carelessness with taxpayer dollars is evident in a multitude of criminal cases involving bank operations, as detailed below.
http://www.heritage.org/research/testimony/2014/08/mismanagement-of-export-import-bank-invites-fraud
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