Lee Compares Ex-Im to Enron

In a Washington Examiner op-ed, Sen. Mike Lee says Congress should let the Export-Import Bank expire because the taxpayer-backed credit agency has become “a modern day ‘Enron’ of the federal government.”

Writes Lee:

Congress has a choice to make, with a deadline of June 30. It can either renew the authorization of the Export-Import Bank — a taxpayer-backed credit agency that picks winners and losers in the marketplace — or let it expire and begin the bank’s orderly winding-down.

As conservatives, we believe that one of Congress’ top responsibilities is to protect taxpayers from corruption, waste and mismanagement. That is why we support letting Ex-Im expire. Congressional oversight has revealed that the bank is broken, ignores opportunities for reform and proves a financial liability to American taxpayers.

Originally, Ex-Im was conceived to help small American businesses compete with the Soviet Union. It has evolved from a Cold War relic to become a prime example of the perils of Washington’s “government knows best” philosophy.