The Export-Import Bank needs to be reauthorized and reformed, so updating the agency and rebranding it as the U.S. Export Finance Agency makes sense. Increasing the lending cap gradually over the course of this 10 year reauthorization is sensible, as are the provisions aimed at helping small businesses, promoting diversity & inclusion, and encouraging energy efficient investments.
The Export-Import Bank is nothing more than taxpayer-backed corporate welfare. Export subsidies — like those provided by the Ex-Im Bank — don’t create jobs, and serve as fuel for an international subsidy bidding war. Congress should shut down the Ex-Im Bank by allowing its authorization to expire, rather than rebranding and reauthorizing it with a host of requirements that effectively pick winners and losers.