New Report on Export-Import Bank Finds Problems With Transparency, Cronyism
By Editor on June 3, 2015
Open the Books
has just released an excellent report exploring the Export-Import Bank. There’s a reason the big corporations want to keep this "bank" around.
(From The Daily Signal)
A new report that takes a deep dive into the Export-Import Bank’s transactions found that in addition to heavily subsidizing large corporations, the government agency benefited some small businesses while pushing others out of the market. It also rewarded a former employee who pleaded guilty for bribery with a six-figure salary and bonuses.
Open the Books, an online database of local, state and federal spending founded by Adam Andrzejewski, examined data from the Export-Import Bank available from 2007 and 2014. It found that the bank backed more than $172 billion in loans, loan guarantees and insurance contracts provided to close to 7,000 exporters. Taxpayers, according to the report, are on the hook for $140 billion in financing.