Yesterday the U.S. House of Representatives voted 330-93 to reauthorize the Export-Import Bank. While it may have been well intentioned originally, EX-IM has become a piggy bank for corporate welfare. One of the worst examples comes from right here in Arizona.
First Solar received a $455 million loan guarantee from Ex-Im to sell solar panels to a company in Canada. The hook? That company was a wholly-owned subsidiary of First Solar. So First Solar fleeces taxpayers to sell solar panels… to itself.
Thankfully, every Republican in the Arizona delegation voted no on reauthorization. When only 93 Republicans vote against ending corporate welfare, it demonstrates the problem in Washington.
This video from Heritage Action sums it up well.