ExImBank Knows No Limits

Now that the ExIMBank has been reauthorized, the Chief is revealing the massive amount of taxpayers dollars spent lobbying for its reauthorization, and how it was sold to politicians, not business.

Hochberg, a former businessman and Clinton administration official, said the road to reauthorization was a long one for the bank. Ex-Im officials held more than 40 events with members of Congress over the past two years to explain the bank’s benefits and build support.

Hochberg said one of the pluses of doing the events “was we built a real relationship with members because we were actually in their districts, and they saw for themselves first-hand the companies and the small businesses that were using Ex-Im services to build employment and to build exports.”

The chairman is a staunch advocate for his agency and pushed back aggressively when it came under attack this spring. He has repeatedly noted that client fees, not taxpayer money, fund Ex-Im and pointed out the bank racked up $1.9 billion in revenue surpluses over the past five years.

Note also, the citation of "profits" from the last five years.  That is suspicious.  I wonder what the last four years would show.  Or the history of the program.  In any event, we'll see if the doubling of loans leads to massive taxpayers losses later.  But why should these people care, they will be long gone with their millions anyway.

There is no rational limit to the state, so those who accept it will in time find they are consumed by it.

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