WASHINGTON, D.C. — Sen. Mike Lee (R-UT) delivered a speech on the Senate floor today regarding his amendment to the Export-Import Bank Reauthorization legislation, which is scheduled to get a vote in the Senate today. His amendment seeks to wind down the Export-Import bank over the next year.
The full text of Senator Lee’s speech is provided below, and can be watched here.
“It’s time that we wind down the Export-Import Bank, and my amendment, amendment number 2100, would do precisely that. The American people cannot be the world’s financial backstop. The government shouldn’t be picking winners and losers. Businesses in Utah and across the country are not receiving government help and are shutting their doors after decades serving their communities. We should not through this government be adding insult to injury by using tax money they contributed to prop up companies overseas.
“We need to end the corporate welfare that distorts the market and feeds crony capitalism. The corporations that largely benefit from the Ex-Im Bank should have no trouble marshaling their resources to compete in today’s economy. If they are struggling, then they are most likely not deserving of taxpayer help, and if they are turning billions in profit, then they clearly do not need taxpayer-subsidized loans.
“Further, government subsidies breed undue favoritism from government bureaucrats who control where the money goes. Unless we want more Solyndras, we should end the practice immediately.
“Some have suggested that the Ex-Im bank is good for businesses. Mr. President, what’s best for American businesses is getting the federal government out of their way, letting them operate without burdensome government regulations and without a complex tax system. Having the government pick winners and losers does not make industries stronger and makes them more dependent on subsidies, and when government is picking who wins, the loser is always the taxpayer.
“We have an opportunity today to reverse the status quo and defend the American taxpayer. My amendment winds down the Ex-Im Bank. I urge my colleagues to support this amendment, amendment number 2100. Thank you, Mr. President.”