July 1, 2015
As of midnight today, the hotbed of corruption and cronyism known as the Export-Import Bank stopped doling out new export subsidies that primarily benefitted major corporations. Congressional authorization expired for the Depression-era program, which for decades has leveraged taxpayer dollars to provide discount financing to foreign companies and countries that buy U.S. products.
Today is a victory for all business owners who just want fair treatment from their government: no picking winners and losers in the marketplace. Ending the economic distortions caused by Ex-Im subsidies also delivers a win to consumers, and taxpayers can now look forward to a shrinking threat of government-funded bailouts. But the fight isn’t entirely over. The cronies have their claws deep in Washington, and will do everything to get Congress to reauthorize the Ex-Im charter. Americans should remain vigilant that Congress doesn’t try to resurrect this corporate welfare.