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The Peculiar Uses of Taxpayer's Ex-Im Bank

Mark Pfeile, Special to The Wall Street Journal

Only in Washington can a prominent example of corporate welfare be described as a “critical element” of America’s national security. That’s exactly what former Secretary of State Madeleine Albright, former Secretary of Defense William Cohen and 10 other former federal officials claimed in a recent letter to Congress, in which they pleaded with lawmakers to renew the Export-Import Bank’s charter before it expires in June. In recent years, the bank has come under fire from politicians as diverse as Barack Obama and Paul Ryan, who have rightly noted that Ex-Im’s support mainly benefits a few multinational companies. Those same companies are now working to convince Congress to keep the taxpayer cash flowing.