An amendment to reauthorize the Export-Import Bank (Ex-Im), a federal corporate welfare agency that primarily provides taxpayer money to a single large corporation (Boeing, an airplane manufacturer), was successfully added to legislation designed to allow more employers to refuse to provide health insurance to their employees by a 67-26 vote. Not a single Democrat voted against the amendment, although three members of the Senate Democratic Caucus (Bernie Sanders of Vermont, Chris Coons of Delaware, and Ed Markey of Massachusetts) did not vote on the amendment.
I find it disgusting that nearly the entire Senate Democratic Caucus would support corporate welfare for Boeing.
The Export-Import Bank, initially created by a Franklin Delano Roosevelt executive order as part of his New Deal agenda, is an export credit agency that primarily provides loan guarantees to Boeing. In fact, in 2012, 82.7% of Ex-Im’s loan guarantees went to Boeing. If Ex-Im doesn’t provide taxpayer money to companies without requiring that all of the money given out be paid back over a certain period of time, then Ex-Im is technically not corporate welfare. However, Ex-Im is effectively corporate welfare, since its operations primarily benefit a single company.
I would only support reauthorizing the Export-Import Bank if it would merely serve as a currency exchange for foreign firms who trade with the United States.