Dan Gilmore / Jun. 29, 2015

Ex-Im Bank to Stop Issuing Loans Tuesday

It’s a win for building an economic system free of government meddling. With Congress out on recess and its charter set to expire June 30, the Export-Import Bank will stop issuing loans on Tuesday. The Ex-Im Bank has grown to become an icon of cronyism, because it is a government bank that gave loans to foreign entities looking to buy American goods. It is “a part of yesterday’s economy,” according to chairman of the House Financial Services Committee Rep. Jeb Hensarling (R-TX). “This is a small step toward renewing a competitive free-market economy and arresting the rise of the progressive welfare state and the cronyism connected to it,” he said in a statement. “Ex-Im is not only corporate welfare, it is corporate welfare for foreign companies and countries.” The U.S. will have such a thing as the Ex-Im Bank, but it won’t be issuing loans. Instead, the bank’s employees will be monitoring the loans already dispersed, for example. And yes, some lawmakers who tend toward cronyism could seek to renew the bank, but as The Daily Signal points out, it’s harder to justify restarting the bank than keeping it going.

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