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Banking For Big Business

12:49 PM, Apr 25, 2014 • By MICHAEL WARREN
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Veronique de Rugy writes at the Washington Examiner about why we shouldn't buy the claim from the Export-Import bank that it serves mostly small businesses:

The Export-Import Bank of the United States -- informally known as the “Ex-Im Bank,” but irreverently referred to as “Boeing's Bank” behind closed doors -- is hosting a ritzy conference for power players in Washington this week.

It's another exercise in willful deception. Bank beneficiaries and bureaucrats will attempt to conceal their blatant cronyism from the public with misleading platitudes about protecting U.S. exports, job creation, and in particular small businesses.

Here's an example: “In FY 2013, Ex-Im Bank approved more than $27 billion in total authorizations to support an estimated $37.4 billion in U.S. export sales and approximately 205,000 American jobs in communities across the country. For the year, the Bank approved a record 3,413 transactions, or 89 percent, for small businesses.”

Sounds pretty impressive, no? Americans know small businesses struggle in this uncertain economy, and are understandably inclined to view the bank’s operations in a more positive light when they hear statements like that.

There’s one big problem: The claim is misleading.

Read the whole thing here.

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