Sen. Michael Bennet ❤ Ex-Im Bank
DENVER—This week, Sen. Michael Bennet, D-Colo., penned an op-ed in the Fort Morgan Times, expressing his support for reauthorizing the Export-Import Bank, which is due to expire June 30.
“Colorado families and small businesses are the backbone of America. Taxpayers don’t deserve the government gambling with their money,” said Jonathan Lockwood, executive director of free market advocacy group Advancing Colorado. “It is disappointing to see Bennet stand with a bank, known for its problems and lack of delivery on its promises, instead of the American worker. Taxpayers should be outraged about the thought of politicians continuing this love affair with the crony sweetheart ‘Ex-Im.’”
The Ex-Im Bank subsidized Boulder-based solar firm, Abound, with more than $9 million so they could sell solar panels to India. That amount was on top of the $400 million loan from the department of energy. The company received this loan right before it went bankrupt and fell under investigation by two governments. Abound laid off hundreds of Colorado workers and left thousands of gallons of toxic waste pooling across the state, besides leaving a long list of creditors spanning everywhere from Longmont to Germany.
Further, it has given taxpayer funds to foreign oil companies totaling billions of dollars. Through the Ex-Im Bank, taxpayer funds have gone to countries like the Congo and Sudan, both known for human rights violations. The bank has financed Chinese power plants and given money to Russian billionaires. In fact, 40 percent of the bank’s financing went to Boeing in 2014.
Between October 2007 and March 2014, there were 124 investigations linked to corruption surrounding the bank including 792 separate claims involving more than $500 million dollars. The Ex-Im acting Inspector General revealed this year that 31 other Ex-Im Bank employees are currently being investigated for fraud.
Fred Hochberg, chairman and president of the Ex-Im bank, and U.S. Secretary of Agriculture Tom Vilsack visited Colorado earlier this year to make the case for the bank.
The Ex-Im Bank was originally created in 1934 to give American companies a competitive advantage in the global market.