|Big Business Funds Ex-Im Bank Travel Budget|
|by Tom McGregor||Wed, Aug 13, 2014, 09:50 PM|
The Export-Import Bank subsidizes 'Big Business,' and in return Fortune 500 companies are expected to fund luxury travel expenses for Ex-Im Bank executives.
According to the Daily Caller, "The Export-Import Bank seeks to save export subsidies, but it seems less interested in saving money on its travel budget, the Washington Examiner . In fact, the Export-Import Bank exceeded its travel budget by about $1 million in each of the past three years, ."
The Export-Import Bank is seeking to renew its charter and has taken numerous trips to Washington D.C. for its lobbying efforts.
As reported by the Daily Caller, "Citing “disclosures filed to the House Financial Services Committee,” the article claims Ex-Im has spent $8.2 million on travel since 2012, but only budgeted for $5.2 million. Ex-Im President Fred Hochberg said the bank’s travel expenses have two primary purposes. One is to “support due diligence and monitoring efforts associated with a particular transaction,” and the other is “business development.”
Exxon paid $100,000 to fund a trip for Ex-Im executives to visit Papua, New Guinea and in return the oil giant had won a $3 billion subsidy from the bank.
To read the entire article from the Daily Caller, link here:
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