Export-Import Bank

Import Export Bank

Press Release

The SC Libertarian Party does not support renewing the charter for the Export-Import Bank. The bank, and its functions, is corporate welfare. The bank is interfering with the forces of the free market. Advocates for the bank’s renewal claim the bank creates or maintains jobs. There is no data supporting this, and many economists disagree with the job creation claim. Yes, it is true that the few companies that benefit from the bank do employee large numbers of workers, but the loan and loan guarantees do not create jobs. Advocates assume that government agencies and bureaucrats make better informed decisions then the free market. If these transactions (loans and loan guarantees) cannot secure financing in the free market place, the bank has no business risking the Tax Payer’s money. The benefiting corporations want the American Tax Payer to assume the risk of these transactions with their hard earned dollars. Advocates argue that the bank actually makes money. What happens when it doesn’t? What happens when political turmoil prevents a foreign company or government from repaying? The hard working American Tax Payers provide the bailout. The South Carolina Libertarian Party believes the free market is always more efficient then corporate welfare. The Libertarian Party asks that the SC Congressional delegation, Senators Graham and Scott, and Representatives: Sanford, Wilson, Duncan, Gowdy, Mulvaney, Clyburn and Rice to vote against any legislation to renew or extend Export-Import Bank.