WASHINGTON, DC – Wednesday, June 10, 2015 – U.S. Senator Richard Shelby (R-Ala.), Chairman of the Senate Banking Committee, today spoke on the Senate floor in opposition to the Export-Import Bank of the United States, which is currently authorized through June 30th of this year.
The text of Senator Shelby’s remarks, as prepared, is below.
“Mr. President, I rise today in opposition to a long-term reauthorization of the Export-Import Bank.
“In my opinion, and after evaluating this issue during a series of hearings in the Banking Committee, there is no compelling case to reauthorize the Bank.
“After years of efforts to reform the Ex-Im Bank, it has become clear to me that its problems are beyond repair and that the Bank’s expiration is in the best interest of American taxpayers.
“Nearly 99% of all American exports are financed without the Ex-Im Bank, which demonstrates that the subsidies are more about corporate welfare than advancing our economy.
“I believe that Ex-Im has outlived its usefulness and should be allowed to expire.”