The Export Import- Bank has been closed for over a week after Congress’ decision to let the charter for Ex-Im expire. For months, supporters of the bank warned that if it is not extended countless American workers will lose their jobs. Now, these same lawmakers are determined to resuscitate this symbol of corporate welfare and are searching for a way to attach it to “must pass” legislation.  It appears that supporters of the bank will offer its renewal as an amendment to Highway Trust Fund legislation, though the Highways and Export financing have little to do with one another.

Spend-thrift politicians should note that the expiration of Ex-Im has not led to massive job losses and the death of American exports. In fact, the expiration of the charter would never have led to massive jobs losses and export financing from other sources is still available. More than $140 billion in loans issued before the expiration still remain and will not be affected.

As a result, Ex-Im employees are still reporting to work as are employees of Boeing and Caterpillar-both large corporations who receive billions of dollars in loans from Ex-Im. The bank and its many politically connected beneficiaries have more than enough room to prosper. With billions of dollars of backorders workers have plenty of work to keep them occupied.

With Ex-Im no longer providing new loans, corporations are turning to the private sector to finance exports. Omaha based manufacturer, Warren Distribution, as well as the Lindsay Corp. have turned to the private sector to insure shipments without problems. 

Though some lawmakers continue to stubbornly fight for the re-authorization of the Export Import Bank, it has been proven that the end of the bank has not led to significant loss of jobs or export financing. Congress must not renew Ex-Im and put billions of taxpayer dollars back at risk. Instead, they should take a stand against the Washington culture of corporate welfare and crony capitalism, and ensure the bank stays expired.