Sen. Mike Lee on Fighting for Equal Opportunity
Cronyist policies come in many shapes and sizes—from subsidies and loan guarantees to tax loopholes and protective regulations—but they all work the same way: The elite leaders of big government, big business, and big special interests collude to help each other climb to the highest rungs of success, and then pull up the ladder behind them.
The upcoming battle over reauthorizing the Export-Import Bank—one of the most egregious cases of corporate welfare—...
An artifact of the New Deal, the Ex-Im Bank now exists to dole out taxpayer-backed loan guarantees to foreign buyers of American goods...
If it reauthorizes the bank’s charter this year, Congress would allow Ex-Im to redirect money from hard-working Americans to politically favored corporations, deliberately rigging the rules for big government and big special interests and against everyone else.
http://blog.heritage.org/2014/04/30/..._medium=social
The Export–Import Bank: A Government Outfit Mired in Mismanagement
Advocates of the Export–Import Bank (Ex–Im) are lobbying Congress for reauthorization by claiming that its taxpayer-subsidized financing is a safe—and lucrative—investment. But even a mountain of rhetoric cannot bury the facts: ...
The bank’s current authorization is set to expire on September 30. Ex–Im provides loans and loan guarantees as well as capital and credit insurance for U.S. exports. The financing is backed by the “full faith and credit” of the U.S. government, which means taxpayers are on the hook for losses that bank reserves fail to cover.
http://www.heritage.org/research/rep...-mismanagement
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