Veronique de Rugy on Ending the Export-Import Bank
On June 30, the Export-Import Bank of the United States—an agency that mostly extends loans and loan guarantees to large foreign companies to buy U.S. products—will most likely see its charter expire for the first time in 81 years. This state of affairs is nothing short of remarkable, considering that for years, Ex-Im's charter has been reauthorized by Congress without any debates or even formal votes. The change, writes Veronique de Rugy, is the result of an intense fight between the people who oppose corporate welfare and those who will support it at any cost.