FACT: The Export-Import Bank Overwhelmingly Benefits Well-Connected Corporations


The Export-Import Bank’s biggest beneficiaries are some of the largest and most well-connected corporations in the country. They receive billions of dollars in subsidies from the bank every single year—while less than 20 percent of the bank’s portfolio typically goes to help small businesses. In fact, it was recently revealed that the Export-Import Bank had even consulted with its corporate beneficiaries in order to make sure changes to its lending policies didn’t hurt their bottom line.

Large, Well-Connected Corporations Are The Biggest Beneficiaries

In Fiscal Year 2013, Boeing Was By Far The Largest Beneficiary Of Ex-Im Bank Activity With Over $8 Billion In Assistance. “The first chart displays the top ten exporter beneficiaries for all combined Export-Import Bank interventions during FY 2013. The chart shows that the Bank truly lives up to its nickname, ‘Boeing’s Bank.’ Boeing was by far the biggest exporter beneficiary of all Bank activity, raking in over $8 billion in assistance during FY 2013.” (Veronique de Rugy, “The Biggest Beneficiaries Of The Ex-Im Bank,” Mercatus Center, 4/29/14)

  • Other Large Corporations Also Received Generous Assistance. “Other heavy hitters include General Electric, which enjoyed roughly $2.6 billion in assistance; Bechtel Corporation, netting a healthy $1.8 billion in support; ‘various US companies,’ another mysterious bunch, enjoyed almost $850 million in vague government benefits; and Caterpillar’s $1.35 billion in total benefits was boosted by a $1.3 billion loan guarantee to subsidiary Solar Turbine Corporation.” (Veronique de Rugy, “The Biggest Beneficiaries Of The Ex-Im Bank,” Mercatus Center, 4/29/14)

Five Corporations Received More Than 93 Percent Of The Export-Import Bank’s Loan Guarantees In Fiscal Year 2013—Even Though These Large Firms Could Easily Arrange Their Own Financing. “These charts suggest that while not all US exporters benefit from Export-Import Bank assistance, the ones that do often benefit handsomely. Boeing, Caterpillar, General Electric, and the rest have a large incentive to keep the Export-Import Bank running, despite the fact that the Bank’s own leader, Fred Hochberg, has publicly admitted that these firms can ‘arrange their own financing’ without the Bank’s help.” (Veronique de Rugy, “The Biggest Beneficiaries Of The Ex-Im Bank,” Mercatus Center, 4/29/14)

The Export-Import Bank Lends Taxpayer Money To Corporations That Already Have Private Financing Opportunities At Their Disposal. “[Delta Air Lines CEO Richard] Anderson has singled out Dubai’s state-backed Emirates Airline as a carrier that is profitable, with plentiful alternative finance sources, and no need to use export credit. Ex-Im extended $436 million in aircraft guarantees to Emirates in fiscal 2013.” (Doug Cameron, “Delta Air Lines Chief Softens Stance On Export-Import Bank,” Wall Street Journal, 06/23/14)

  • The Bank Also Subsidizes Some Of The Wealthiest People In The World. “An Australian heiress worth $17 billion [took] money from four different government banks, including the US Export-Import Bank, to finance a $7 billion iron ore mining project that most private companies felt was too risky. . . . India’s richest man [also] had difficulty securing financing to purchase turbines [but received] $2 billion from the Export-Import Bank in loans and guarantees last year.” (Mallory Carr, “Welfare For Billionaires,” Americans For Prosperity, 06/24/14)

The Bank’s Biggest Beneficiary Helped Write Its Own Lending Law

The Export-Import Bank Colluded With Boeing To Draft A Lending Law That Directly Pads The Corporation’s Bottom Line. “When the Export-Import Bank sought to respond to critics with tighter rules for aircraft sales, it reached out to a company with a vested interest in the outcome: Boeing Co., the biggest beneficiary of the bank’s assistance. For months in 2012, according to about 50 pages of emails reviewed by The Wall Street Journal, the bank worked with Boeing to write rules that would satisfy critics in Congress and the domestic commercial airline industry—while leaving most sales of Boeing’s airplanes to foreign carriers unscathed. . . . In one email where the two sides discussed who should conduct the analysis, Ms. Avett, the Ex-Im Bank policy analyst, asks for input on ‘what would be most palatable to Boeing.'” (Brody Mullins, “Boeing Helped Craft Own Loan Rule,” Wall Street Journal, 03/12/15)