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WASHINGTON – Rep. Virginia Foxx, R-N.C., today released the following statement regarding her vote against reauthorizing the Export-Import Bank:

“As a former small business owner, I certainly understand the many challenges that companies face to be successful in an internationally competitive business environment. However, the Ex-Im Bank conflicts with core conservative principles on the free market and unfairly allows the government to pick winners and losers while requiring taxpayers to bear the risks of private companies’ activities. It is very unfortunate that the federal government entered this line of business in the first place, and I wish that our efforts were put towards ensuring other nations cease these policies of economic distortion instead of reauthorizing a federal agency whose operations are a step back from the free enterprise system that has made our nation the envy of the world.”

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U.S. Rep. Virginia Foxx represents North Carolina’s 5th Congressional District and is the elected Republican Conference Secretary. Dr. Foxx is the chair of the House Education and the Workforce Subcommittee on Higher Education and serves as Vice Chair of the House Rules Committee.