RELEASE: Libertarian fmr. Del. Buckley for #WVSen Calls Out Capito on Crony Capitalism, Ex-Im Bank

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RELEASE: Libertarian fmr. Del. Buckley for #WVSen Calls Out Capito on Crony Capitalism, Ex-Im Bank

Hardy Co., WV - Fmr. state Del. John Buckley, Libertarian for U.S. Senate, called on his Republican opponent, U.S. Rep. Shelley Moore Capito, to ditch the “crony capitalism” embodied in the Export-Import Bank. 

“The Ex-Im Bank is a paragon of corporate welfare and a slush fund for big business,” said Buckley. “The taxpayers of West Virginia have a hard enough time surviving the economic onslaught of the Obama Administration. There’s no justification for further assaulting their wallets for a loan program subsidizing international corporations,” he added.

When the Ex-Im Bank comes up for reauthorization in September, “Capito should reverse course, stand up to her big business backers, and let businesses compete without government subsidy,” Buckley urged.

According to a recent report of the Congressional Budget Office, under “fair value accounting” practices used by private business, the Ex-Im Bank will likely cost American taxpayers $2 billion over the 10-year period from 2015 to 2024.

Buckley challenged Capito to “start acting like a ‘main street Republican’ rather than a mouthpiece for large, politically-connected companies.”

“It’s not ‘free enterprise’ for the government to pick winners and losers in the business marketplace,” said Buckley.

Capito should follow the lead of Rep. Jeb Hensarling, the Chairman of the House Financial Services Committee on which she serves, Buckley recommended. Hensarling opposes Ex-Im Bank reauthorization and has observed of the Bank that it is “impossible to provide government backing at no risk to hardworking taxpayers.” Even Barack Obama, in 2008, termed the Ex-Im Bank “little more than a fund for corporate welfare.”

“It’s time for Representative Capito to stand up for taxpayers rather than the corporate elite,” Buckley urged.

About John Buckley

John Buckley was elected as a Republican to the Virginia House of Delegates in 1979. He also served as a member of the Electoral College in support of Ronald Reagan in 1980. He is retired from a career at the United States Court of Federal Claims, during which he served variously as the chief administrator of the Court as well as Chief of Staff and career law clerk to the Chief Judge.

[Recent WV media coverage of John Buckley’s U.S. Senate]


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