For those hoping the Republican congress will allow the charter of the Export-Import Bank to expire on June 30, two recent House reauthorization bills and an imminent bipartisan Senate bill to accomplish the same are not particularly reassuring.
What’s not to like about the Export-Import Bank? The U.S. government’s official export credit agency finances sales of American companies to foreign customers, increasing exports, stimulating output, and creating jobs. Only the most cynical, anti-government zealots could have a problem with this vital engine of economic growth and global engagement. Well…not so fast.
Ex-Im supporters — mostly corporate beneficiaries and politicians — work hard to sculpt the Bank’s image as an institution of costless necessity. But closer examinations have revealed corruption, corporate welfare, and hidden taxation on thousands of U.S. businesses. Victims abound across the country.
http://www.cato.org/publications/commentary/export-import-banks-hidden-tax-americas-companies
What’s not to like about the Export-Import Bank? The U.S. government’s official export credit agency finances sales of American companies to foreign customers, increasing exports, stimulating output, and creating jobs. Only the most cynical, anti-government zealots could have a problem with this vital engine of economic growth and global engagement. Well…not so fast.
Ex-Im supporters — mostly corporate beneficiaries and politicians — work hard to sculpt the Bank’s image as an institution of costless necessity. But closer examinations have revealed corruption, corporate welfare, and hidden taxation on thousands of U.S. businesses. Victims abound across the country.
http://www.cato.org/publications/commentary/export-import-banks-hidden-tax-americas-companies
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