President Trump has nominated a vocal critic of the Export-Import Bank to serve as its next president and the businesses that benefits from the Bank’s subsidies are not happy.
The Daily Signal reports the National Association of Manufacturers (NAM) and the Business Roundtable, are actively fighting the nomination of former Rep. Scott Garrett who opposed the Ex-ImBank while serving in Congress. Boeing, which has membership ties to both organizations, is one of the top beneficiaries of the Bank’s federally subsidized loans. In fact, conservative critics of the Ex-IM Bank have often called it “Boeing’s Bank.”
A group of conservative organizations, including the Club for Growth and the Family Research Council have signed a letter in support of Garrett’s nomination. They write:
It is beyond audacious that the recipients of the Bank’s subsidies believe that they, not the President, can select the person to run the very agency that will hand the goodies out to them. This is regulatory capture at its worst.
Cronyism and corruption have long plagued the Bank’s operations. When special interests publicly demand their spoils in such an egregious manner, it only further erodes the public’s confidence in their government.
You can read the rest of the letter in its entirety here.
The corporate support for the Ex-Im Bank is a clear case of cronyism, especially when we consider that at one point Boeing’s deals accounted for 75% of the Bank’s financing. To see where Boeing stands on all the issues, visit their scorepage here.