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In this episode of the Budget & Tax News podcast, Cato Institute trade policy expert Dan Ikenson joins managing editor Jesse Hathaway to talk about the Export-Import Bank, a government export credit agency created in 1934 by President Franklin Delano Roosevelt.
Ikenson says the Export-Import Bank, or “Ex-Im,” picks winners and losers in the American economy by favoring some businesses over others. By subsidizing the cost of private businesses’ exports, Ex-Im actually drags down non-subsidized businesses in a wide range of industries. Instead of helping small businesses sell their goods abroad, most Ex-Im spending goes to a small number of large multinational companies, like Boeing.