By Veronique de Rugy
This month, we not only celebrate our country’s independence from the British but also celebrate the second anniversary of our freedom from the Export-Import Bank.
In an imperfect environment where cronyism — that’s the unhealthy relationship between government and businesses — runs rampant, the fact that Boeing, General Electric and other giant manufacturers haven’t been able to benefit from taxpayer-backed loans for the past two years is a huge victory. For the first five months of that period, the bank’s charter had actually expired. But even since it was renewed, it hasn’t been able to extend loans above $10 million.
Pres. Donald Trump wants to restore the bank’s full lending power, but it’s actually time to slay the beast. That’s what Rep. Justin Amash, R-Michigan — alongside Republican Reps. Dave Brat of Virginia, Ken Buck of Colorado, Michael Burgess of Texas, Scott DesJarlais of Tennessee, Walter Jones of North Carolina, Jim Jordan of Ohio, Raul Labrador of Idaho, Thomas Massie of Kentucky and Tom McClintock of California — wants to do by reintroducing a bill to terminate the Ex-Im Bank once and for all. Within 30 days of the bill’s passage, the agency would have to stop accepting new loan applications.