At midnight, the Export-Import Bank’s authorization lapsed for the first time in 81 years. Congress is on recess, and later this month a Republican House and Senate would both have to act to resurrect the institution, which exists to extend capital to boost U.S. exports, but is hard to say is a worthwhile program and has come under attack as a corporate-welfare program.
For now, it has to go into orderly liquidation. Heritage Action’s Mike Needham, whose organization fought hard to end an institution that like so many corporate-welfare programs had enjoyed easy bipartisan support for decades, warns that the letter of the law ought to be followed, because Ex-Im’s bureaucrats say they’re not exactly planning to close up shop right away.
But at least one place, it’s clear what just happened. Check out the homepage of Ex-Im’s website:
