What issue brings both Democrats and Republicans together? Controversy over the Export-Import Bank.
According to its critics, the Export-Import Bank, a little known federal agency, is providing federal subsidies to foreign firms that threaten American jobs.
The Daily Signal reports, “last year alone, bank authorizations exceeded $27 billion, bringing taxpayers’ total exposure to nearly $134 billion … at least. The bank’s sloppy record-keeping obscures the actual amount of outstanding commitments. In all likelihood, they exceed the $140 billion cap set by Congress in 2012.”
“Even President Barack Obama, back when he was a candidate, endorsed its end. With strong growth in privately financed exports, there is no justification for maintaining this Depression-era relic,” says the Daily Signal.
The Export-Import Bank is coming up for Congressional reauthorization. Should it survive?