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Donald Trump: Making Corporate Welfare Great Again

Created during the Great Depression, the Export-Import Bank (Ex-Im) of the United States has been in operation as a financier to facilitate the purchase of American goods and services by foreign businesses and governments. While allegedly self-sustaining, the Ex-Im Bank…

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Congress should end Ex-Im Bank’s corporate welfare program

Ex-Im, or the Export Import Bank, was created by Executive Order in 1934 by Franklin D. Roosevelt to make loans to the Soviet Union and aid trade with Cuba. With the Export-Import Bank Act of 1945, Congress made Ex-Im an independent agency and required that Ex-Im be reauthorized every four-to-five years. Ex-Im’s current authorization expires on June 30. Ex-Im has historically enjoyed bipartisan support. However, the need to cut spending—coupled with watchdog reporting—brings reauthorization into question. Under the Obama Administration, Ex-Im lending has increased 248 percent. Taxpayers now hold nearly $140 billion in Ex-Im exposure. The Ex-Im website states: “EXIM Bank is more critical than ever to small businesses.” A few weeks ago, while at the Smuttynose Brewery campaign stop in New Hampshire, Hillary Clinton bragged that she wants to be “the small business president.” Pushing for Ex-Im reauthorization, she said: “The idea that we would remove this relatively small but vital source of funding for businesses to compete is absolutely backwards.” “Embarrassing” is how she described Republican candidates who oppose reauthorization. While Clinton wanted her small audience at Smuttynose to believe that Ex-Im is, as the website says, critical to small business, a recent report from American Transparency (AT), […]

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