Buck Leads Fight to Protect American Workers and End Corporate Cronyism
FOR IMMEDIATE RELEASE
Contact: Katherine Rosario, 202-226-8414
Washington â€“ Congressman Ken Buck (R-CO) led a special order hour Thursday to call for the end of the Export-Import Bank of the United States. He was joined by Congressmen Jim Jordan (R-OH), Dave Brat (R-VA), and Alex Mooney (R-WV). Each member made a strong case against the corruption, fraud, and cronyism that are perpetuated by the Ex-Im Bank. Congressman Buck released the following statement following the special order hour:
â€œThe Export-Import Bank is a corrupt federal agency. I want to thank my colleagues for standing with me today against its reauthorization. We know that it is a hard battle to fight. Politically favored companies receiving subsidies donâ€™t want to lose them. But there have been far too many instances of corruption and fraud at the Bank for Congress to renew its charter.â€
â€œBribery. Corruption. Fraud. Throughout my tenure as a prosecutor, I saw all of these and more. I am disappointed to say that the words I once used to describe white collar criminals can now be used to define a federally funded entity. The Export-Import Bank, or as some know it, Ex-Im, has taken advantage of our free market system.â€
â€œOur job as members of Congress is to remember people like the second grade teacher and the second shift worker and fight for things they care about. And hereâ€™s one: they care about this concept that goes on in this town where connected companies get special deals with their tax money, and they want that to stop.â€
â€œIâ€™m an economist whose been working on international trade policy and economics for more than two decades. I support free trade and equal treatment under the law. I oppose special privileges. Everyone likes free money, and that gets to the crux of this issue.â€
"When the federal government inserts itself into the process, you end up with a system where Washington special interests drive decision making, not free-market principles."
The Export-Import Bank is the official export credit agency of the United States. It provides taxpayer-backed loans and loan guarantees to foreign companies for the purchase of American goods and services. Between October 2007 and March 2014 alone, there were 124 investigations linked to corruption surrounding the Ex-Im bank. This includes some 792 separate claims involving more than $500 million dollars. The Ex-Im Inspector General also revealed last week that 31 other Ex-Im Bank employees are currently being investigated for fraud.
Rep. Ken Buck (CO-04) is the Freshman Class President. He serves on the House Judiciary Committee and the House Committee on Oversight and Government Reform. He serves on the OGR Subcommittees on Government Operations and the Interior and is a member of the Judiciary Subcommittees on Immigration and Border Security and Crime, Terrorism, Homeland Security and Investigations.