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Once Again We See Why Ex-Im Has Earned Its Nickname ‘Bank of Boeing’

Washington, Mar 13 -

Financial Services Committee Chairman Jeb Hensarling (R-TX) issued the following statement on a Page 1 story in today’s Wall Street Journal about secret e-mails that reveal “an extraordinary level of cooperation” between the Export-Import Bank and Boeing, Ex-Im’s biggest beneficiary:

“There’s been a lot of talk in Washington about ‘reforming’ the Export-Import Bank instead of letting it expire on schedule.  But when Congress reauthorized Ex-Im in 2012, it mandated reforms that the Bank has failed to enact.  And now we’re learning that Ex-Im’s idea of reform is to let big corporations substantially write the rules for their own benefit.  Once again, we see why the Export-Import Bank has so richly earned its nickname the ‘Bank of Boeing’ and why congressional tinkering won’t fix it.  Ex-Im is the poster child of Washington insider cronyism and corporate welfare, and Congress should let it expire.”