Nov 08, 2016
Cronyism Watch: Export-Import Bank
Post by Derek Yale
The Export-Import Bank is back in the news, and it’s not good news.
Ex-Im watcher Timothy P. Carney of the Washington Examiner recently reported that “Three top President Obama appointees to the Export-Import Bank were negotiating to join Teneo, the Clinton-connected consulting firm, at the same time a Teneo client was lining up for itself the largest subsidy Ex-Im has ever given out, emails reveal.”
While Carney acknowledges the emails reveal no evidence of illegal activity, they do provide an inside look at how special interests operate in Washington, D.C. to obtain special favors and treatment from government officials.
It’s not a pretty sight.
Congress should take note. During the upcoming congressional lame-duck session, Ex-Im supporters are expected to push legislation that would change the Ex-Im Bank quorum requirements, which would allow the bank to approve corporate welfare deals worth more than $10 million. Currently, the bank’s board lacks the sufficient number of members to green-light these taxpayer-backed giveaways.
Fiscally responsible lawmakers need to oppose this misguided effort. The latest news once again proves that Ex-Im puts special interests ahead of Americans’ interests. It should be eliminated, not strengthened.