Whether government should be setting up banks like the Export-Import bank is a different question, though — I think most Cato-style libertarian types are against government-chartered banks in general. Personally I think it’s a practical reality that if the USA wants to compete in the global marketplace, we need an Ex-Im Bank to compete with China, etc.
Though the Ex-Im Bank’s charter includes “the principle that Ex-Im Bank does not compete with private sector lenders, but rather provides financing for transactions that would otherwise not take place because commercial lenders are either unable or unwilling to accept the political or commercial risks inherent in the deal.” [wikipedia]
Thanks for the info.
There is still a question of who decides who receives these investments. I understand George Soros directly benefited from this little loan.