Republican-Led Legislature Renews Corrupt Export-Import Bank
Washington, D.C. — House and Senate lawmakers announced a bipartisan agreement Tuesday on a measure that extends spending on federal highway programs for five years, but also includes a revival to the charter of the Export-Import Bank, despite staunch opposition to the bank from conservatives. In regards to the Export-Import Bank, the bill would require the government to try again to negotiate an end to export credit schemes, although those negotiations have lagged for decades without getting anywhere.
The Export-Import Bank is a taxpayer-funded institution devoted to exporting goods, a function that should negotiated by the government. The bank offers subsidized loans and credit insurance to companies that wish to buy products made by U.S. firms, on the assumption that boosting U.S. exports can’t be accomplished without picking winners and losers. By the National Review’s assessment, the Export-Import Bank is, by nature, “Cronyism Concentrate.”
“It is well documented that the Export-Import Bank is nothing more than a representation of the cronyism that corrupts government,” said Diana Banister, Executive Director of Citizens for the Republic. “Conservatives have been hopeful that the Republican Party was finally back on the path to becoming the anti-cronyism party. However, if the Republican Party and those elected under its banner fail to stand up for the principles it was formed to represent, conservatives across America have little reason to continue to support the racket that now embodies the modern Republican Party.”