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Corporate WelfareGovernment PoliciesNews

Guess Who’s Running Ads for the Crony Ex-Im Bank?

Looks like the Chamber of Commerce is opening its coffers for a million-dollar ad blitz supporting the Export-Import bank. The ads will feature small businesses that rely on the Ex-Im Bank to keep their businesses functioning and competitive. Of course, the ads fail to mention that an overwhelming majority of the Bank’s funding goes to large multi-national corporations like Boeing, General Electric and Caterpillar.

In fact, a Heritage Foundation report found that “barely 20 percent of the bank’s financing benefits small business. That equates to about one-half of 1 percent of all U.S. small businesses.”

The Wall Street Journal reports:

The U.S. Chamber of Commerce will launch a multistate advertising push exceeding $1 million on Monday to build support for renewing the charter of a financing arm of the U.S. government that is a top target of conservative Republicans.

At issue is the U.S. Export-Import Bank, which will no longer be able to guarantee new financing in July if lawmakers don’t reauthorize its charter. The advertising campaign, covering at least 10 states, seeks to shore up support for lawmakers—primarily Republicans—who may be uneasy to support the bank when it is under heavy fire from conservative lawmakers and influential political groups such as Heritage Action, Freedom Partners and Americans for Prosperity.

The Ex-Im Bank is an outdated corporate welfare program that allows big business insiders to collude with the federal government to pick winners and losers in the marketplace. If the Chamber really wants to help U.S. businesses, they should run ads calling for government to lower the tax and regulatory burdens that currently hurt small business owners’ abilities to compete in the global economy.

Currently, the GOP presidential primary field appears to be unanimously against the Export-Import Bank.

Tom Borelli

Dr. Tom Borelli is a Newsmax TV contributor and radio commentator addressing political issues from a conservative grassroots perspective. As a columnist, he has written for The Washington Times and authored articles for Newsmax Magazine, Newsmax Insider and previously was a co-host with his wife Deneen Borelli on the SiriusXM Patriot channel. Dr. Borelli appeared on numerous television programs, including the highly ranked Fox News Channel’s “The O’Reilly Factor,” “Hannity,” “The Kelly File," and "America’s News Headquarters." He has also appeared on Fox Business Network’s “Making Money with Charles Payne” and “After the Bell” as well as TheBlaze TV’s "The Glenn Beck Program" and "Dana!" Prior to working for public policy organizations, Dr. Borelli was a managing partner with the investment advisory firm of Action Fund Management, LLC and a portfolio manager for the Free Enterprise Action Fund (FEAF) where he used shareholder activism to challenge corporations that sought to profit from the growth of government. During his 25 years with the Altria Group, Inc., he built a foundation in public policy and issues management, drawing from diverse experiences ranging from basic research to corporate affairs. Dr. Borelli served as science fellow for the U.S. House of Representatives' Committee on Science, Space, and Technology during the 100th Congress. Dr. Borelli has also published scientific papers on interferon and human leukemia.

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