Last December, lobbyists successfully resurrected one of their favorite corporate cash cows: the U.S. Export-Import Bank, a government agency dedicated to subsidizing wealthy and well-connected businesses at the taxpayers’ expense.
But those special interests didn’t get everything they wanted. For all of this year, the Ex-Im Bank hasn’t had a full board of directors—meaning it hasn’t been able to approve taxpayer handouts over $10 million. Now the bank’s biggest beneficiaries are trying to get Congress to abandon the rules preventing them from getting millions of dollars’ worth of government favors.
It’s critical that we stop them. There are three reasons why principled lawmakers—especially Speaker of the House Paul Ryan—could stand with hardworking Americans rather than the favored few.
First, principled lawmakers and organizations have called the bank’s bluff.