When Maxine Waters Says A Bureaucracy Doesn't Cost Taxpayers...

[obumazombie]

A dime, you may rest assured it is costing billions if not trillions...

CNSNews.com)
– The Export-Import Bank “does not cost the citizens a dime,” House Financial Services ranking member Maxine Waters (D-Calif.) claimed at a news conference at the Capitol building in Washington Thursday.
The meeting was called to urge Republican leaders to schedule a vote to reauthorize the bank’s charter before it expires on June 30.


“We’re focused on the fact that Ex-Im creates jobs,” said Waters, who was joined by House Minority Whip Steny Hoyer (D-Md.) and Reps. Gwen Moore (D-Wisc.), Danny Heck (D-Wash.) and Brad Sherman (D-Calif.).
“We’re focused on the fact that we’ve had a deficit in exports for far too long, and while they only represent two percent of the exports it’s very important and they bring money to our treasury.

It does not cost the citizens a dime.”



A May 2014 Congressional Budget Office (CBO) report found that the Export-Import Bank will in fact cost taxpayers $2 billion in the next decade.

“Ex-Im Bank’s six largest programs would generate budgetary savings of $14 billion under FCRA [Federal Credit Reform Act of 1990] accounting but cost $2 billion on a fair-value basis,” stated the report, entitled “Fair-Value Estimates of the Cost of Selected Federal Credit Programs for 2015 to 2024.”



“As you’ve heard we have three weeks, or 12 legislative days, until the Export-Import Bank shuts down,” Hoyer said at Thursday’s press event.
“We must not let that happen.”

A U.S. House appropriations bill for the State Department and foreign operations, released Tuesday, does not extend the bank’s authorization.



“I think when I talk to my constituents they are often decrying the partisan breakdown in the House of Representatives and indeed in Congress,” said Moore.
“And it is so hard to convey to them that in the case of the Ex-Im Bank – it’s just one example – that the divisions of the breakdown is not Democrat versus Republican.”


“The breakdown of the House of Representatives is among Republicans, and that is why this disruption is caused by that breakdown, and it is sad but true that the Republicans are demonstrating that yet once again they cannot govern,” she added.

Moore said Republicans’ “lack of capacity to govern, this dysfunction, is damaging our country’s economic health and growth.”


“It’s time for Republicans to come together in joining Democrats in standing behind our nation’s workforce and U.S. interests in the global economy and not just the interests of conservative think tanks.”



In a recent statement outlining the conservative Republican Study Committee’s position on the bank, chairman Rep. Bill Flores (R-Texas) said, “Federal bureaucrats should not be picking business’ winners and losers.”


“Instead, we know American businesses are capable of competing in a free and open market, without government interfering,” he said.

“Ex-Im boasts a disturbing culture of corruption and misconduct that has led to numerous criminal indictments in the last six years.
Their lending standards often lack transparency and consistency.

Yet rather than address these mounting problems, bank officials have repeatedly ignored required reforms from Congress and recommendations from the Government Accountability Office and the bank’s own Inspector General.


“We need to end Ex-Im before it becomes another Enron at the expense of American taxpayers,” Flores said.

full article...http://cnsnews.com/news/article/ali-meyer/rep-waters-export-import-bank-does-not-cost-citizens-dime-0

[SVPete]

The average IQ of WashDC jumps up when Sheila J-L, Mad Maxine, Miss Nancy, and Babs Bouncer leave town during recesses.

[JohnnyReb]

Monopoly money, huh?

[Lacarnut]

The average IQ of WashDC jumps up when Sheila J-L, Mad Maxine, Miss Nancy, and Babs Bouncer leave town during recesses.

I would be surprised if the aggregate IQ of the Black Caucus totaled more than 90. Plus, when they respond to economics, they go from dumb to dumber.