The Export-Import Bank (Ex-Im) has been wasting billions of taxpayer dollars annually since its founding in 1934.
By Don Kirchoff
The bank costs the economy about 2.8 billion annually by funneling the billions to special interests, contrary to the subterfuge used by Ex-Im and Chamber of Commerce politicians who parse their words to hide their support for the crony bank.
For 80 years Congress has simply re-authorized Ex-Im without adequate review. Ex-Im is corporate cronyism. Over 80% of the program goes to a handful of major companies. Ex-Im financing supports roughly 1% of US exports, almost all from giant corporations that are capable of making alternative financing arrangements.
Ex-Im is an example of a program that has lost its purpose and today actually is a lose-lose, fiscally and economically.
We must demand that our congressmen stop this cronyism and oppose the reauthorization of Ex-Im.
By Don Kirchoff, SATP Director, May 2, 2015.
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