Alex Mooney: “Last year, I spoke on the House floor about my serious concerns about the Export-Import Bank's interference of energy…”

“Last year, I spoke on the House floor about my serious concerns about the Export-Import Bank's interference of energy companies and the country of Australia. In 2013, the Export-Import Bank approved a loan of $640 million in financing for U.S. equipment to develop an open-pit iron ore mine in Australia. The mine is owned by the wealthiest woman in Australia. This is not an appropriate use of U.S. taxpayer dollars. According to unions, public officials, and the Iron Mining Association, these subsidies threaten to displace nearly $600 million worth of U.S. iron ore exports and cause a reduction of $1.2 billion in domestic sales. Today, injustice toward U.S. companies in Australia has been continued regarding a Florida company, APR. APR constructed an $80 million power plant in western Australia to help the people and businesses of western Australia. Once the power-generation facility was almost built, an Australian bank, ANZ Bank, seized the power plant, even though it had no legal title or ownership interest in the plant. It claimed an ownership interest in the plant based on an unfair law in Australia which is unique to that country. This incredibly unfair Australian legislation allows U.S. companies and U.S. banks to lose their title or lien interest to their own assets, even though the Australian companies and banks are expressly barred from doing so by contracts they signed with U.S. companies.…”