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Next time, Congress should bust the Export-Import Bank

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Unread 09.30.19, 08:07 AM
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Next time, Congress should bust the Export-Import Bank

09.30.19 02:00 AM

Days ago, Congress had the chance to let the Export-Import Bank’s authorization expire and put an end the corrupt government agency. Unfortunately, lawmakers instead extended the Bank’s authorization through the end of November. But Congress should keep one thing in mind, as November nears: America doesn’t need the Export-Import Bank. There are many problems with the Ex-Im Bank that, when*considered, render reauthorization a bad idea. The*bank is*institutionally*corrupt, expensive*for taxpayers, unnecessary*and*a large purveyor of corporate welfare. A vote to renew its charter*will only ensure these problems grow worse. Ex-Im*is corrupt The*bank made*headlines in 2014*when investigators*began looking into allegations that Ex-Im officials accepted gifts on behalf of companies looking for export financing. These indiscretions are not isolated incidents. They represent a pattern of*careless lending*at best*and, at worst, outright fraud.*The Heritage Foundation*found that*from*2009*to 2014*there were 74 cases*of fraud allegations. Ex-Im’s corrupt practices are well-noted, even among its staff. In 2013, only*42% of its employees*believed that Ex-Im’s leadership maintains “high standards of honesty and integrity.” They have good reason to feel this way.*Since 2009,*46 people*have been convicted*of defrauding the*bank. There have been 71 federal indictments related to mismanagement and corruption. The*bank’s corruption is institutional, not circumstantial.*It is not difficult to see why a large […]

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