The Export-Import Bank As Told By The Wolf of Wall Street

The Export-Import Bank As Told By The Wolf of Wall Street

On Capitol Hill, legislators continue to debate reauthorization of the Export-Import Bank. If Congress does nothing, one of the Federal Government’s most entrenched and obscure institutions will expire automatically on June 30th.

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Here to explain is the Wolf of Wall Street.

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A New Deal relic, President Franklin Roosevelt created the Ex-Im Bank in 1934 to bolster American exports.

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Here’s how it works (in theory at least)–the Federal Government underwrites loans to foreign countries for the purchase of American products (or something like that).

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Since its inception, Ex-Im has bankrolled billions in foreign loans…

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…with your American tax dollars.

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Conservative argue that Ex-Im allows big business to collude with big government.

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They’ve dubbed the institution the “bank of Boeing,” and complain that Ex-Im has spent billions to benefit other Fortune 500 Companies like General Electric and Caterpillar.

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They blame the bank for fostering crony capitalism and officials for promoting a culture of corruption

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…and they point to 31 ongoing investigations of fraud at Ex-Im.

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But liberals maintain that the bank helps launch small businesses.

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They’re not ready to let the bank expire. They’re gearing up for a fight.

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Supporters, like the Chamber of Commerce and National Association of Manufacturers, continue to lobby Capitol Hill.

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And Ex-Im has been in tight spots before. Conservatives tried to end the bank last summer when its charter was set to expire. 

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But the controversial institution survived when House leadership granted a temporary nine month extension.

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And even against long odds this year, supporters are confident Ex-Im’s charter will be renewed again.

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So let the cronyism continue!

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