Back in 2015, there was widespread agreement in Congress that the Export-Import Bank-the U.S. government's export credit agency-was nothing but a crony bank, mostly serving the greedy interests of Boeing and other large companies.
Today, Ex-Im Bank's full lending abilities are restored, and it's celebrated by some as a necessary source of job creation and economic growth.
Under the leadership of then-Chairman Jeb Hensarling, every aspect of the bank's activities was scrutinized, which ultimately led to Ex-Im's demise.
To hear it now, the Ex-Im Bank is all about small businesses and prosperity.
China went from being the No. 1 destination of Ex-Im deals in 2014-with 11 percent of its activities or $2.3 billion-to receiving $34.2 million in 2018.
The share of Ex-Im activities going to small businesses went up from 25 percent in 2014 to 66 percent in 2018.
U.S. exports continued to grow without being impacted whatsoever by Ex-Im limitations, and many beneficiaries of the bank had their best year ever in 2018, demonstrating that none of these subsidies are necessary for their success.
https://reason.com/2019/06/06/numbers-betray-export-import-bank-advocates/
Today, Ex-Im Bank's full lending abilities are restored, and it's celebrated by some as a necessary source of job creation and economic growth.
Under the leadership of then-Chairman Jeb Hensarling, every aspect of the bank's activities was scrutinized, which ultimately led to Ex-Im's demise.
To hear it now, the Ex-Im Bank is all about small businesses and prosperity.
China went from being the No. 1 destination of Ex-Im deals in 2014-with 11 percent of its activities or $2.3 billion-to receiving $34.2 million in 2018.
The share of Ex-Im activities going to small businesses went up from 25 percent in 2014 to 66 percent in 2018.
U.S. exports continued to grow without being impacted whatsoever by Ex-Im limitations, and many beneficiaries of the bank had their best year ever in 2018, demonstrating that none of these subsidies are necessary for their success.
https://reason.com/2019/06/06/numbers-betray-export-import-bank-advocates/
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