Is the Ex-Im Bank Truly the Work of Satan?

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Veronique de Rugy writes about the recently passed Continuing Resolution that kept the government from shutting down:

I for one am relieved that they didn’t use the CR as a way to restore the full-lending authority of the crony Export Import Bank and I commend the senate for it….[But] this CR funds the government only until December 9, which means that Congress will once again have to consider a massive and unaccountable 2017 spending bill during a lame-duck session. The chance of lawmakers using this opportunity to load the bill with pork projects, Ex-Im’s full revival, and other special-interest handouts…is significant.

This is just an idle question, but how is it that the Export Import Bank became such a tea party hot button? I don’t personally care about it too much one way or the other, but I understand why a lot of people are opposed to it. Still, it’s a relatively small program, and its net cost to taxpayers is zero or close to it. Even if it is a congressional piggy bank, it hardly seems worth getting in a lather about.

So how did it become such a bête noire for the right? Does anyone know if there’s an interesting backstory here?

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DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily bluster—Mother Jones' journalism is driven by one simple question: Will America move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

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