Mar 17, 2017
Although dozens of federal agencies are targeted for cuts – or at least cuts in the expected rate of growth – by President Trump’s proposed budget, the corporate welfare trough called the Export-Import Bank has been spared any potential hardship.
Established during the New Deal, the ExImBank, as it is also known, subsidizes foreign buyers of goods manufactured by politically favored corporations. It has also been used by the so-called Deep State – the partially submerged, self-sustaining network of covert intelligence and financial institutions – to fund initiatives that have led to war and other tragedies. For example, the ExImBank was used as a conduit during the mid-1980s to subsidize purchases of goods and services by Saddam Hussein’s regime as part of its arms build-up and its war with Iran. During the 1990s, ExImBank offered lucrative aid to the Halliburton Corporation under Dick Cheney’s leadership. It has also been a tremendous boon to Boeing.
The Washington Examiner observes that “Candidate Trump said he would abolish the Export-Import Bank” and recalled that his “earliest budget framework listed Ex-Im among independent agencies to abolish. But the White House’s latest budget framework leaves Ex-Im off the hit list. This follows many reports from congressional fans of Ex-Im that Trump has been persuaded to love the agency….”
ExImBank’s sister agency, the Overseas Private Investment Corporation (OPIC), may still fall under the axe. “OPIC subsidizes US companies that want to set up business overseas, such as a Ritz Carlton in Turkey or a Wendy’s in the Republic of Georgia,” explains the Examiner.