Boeing, the top recipient of Ex-Im bank subsidies in 2013, saw its stock tumble on Wednesday, the day after Eric Cantor, one of the largest supporters of this type of corporate welfare, lost his primary. From Bloomberg News
Cantor has been an Ex-Im advocate, and his upset brings the bank’s “future into question,” two Bloomberg Industries analysts, Caitlin Webber and George Ferguson, said in a note today. “If the bank isn’t renewed by Sept. 30, the agency can’t finance new deals, though it could service existing commitments, estimated at $114 billion.”
The Ex-Im bank is the very definition of corporate welfare, providing taxpayer subsidies to companies worth billions of dollars. The bank has to be renewed by September 30th, so all this so-called "fiscally conservative" House of Representatives has to do is nothing in order to end Ex-Im.
A do-nothing Congress? Sounds like a dream come true.
Campaign for Liberty has recently cosigned a collation letter calling on Congress to shut down Eximbank, and we will continue to support all efforts to shut down this poster child for corporate welfare and crony capitalism.