Here is the best news about Ex-Im’s absence of a quorum: It reduced corporate welfare. In reality, winding down Ex-Im probably improved the aircraft financing market, with several new sources of financing emerging to fill the gap. Last month, Apollo Global Management announced it would commit $1 billion to aircraft financing. As Diane Katz of the Heritage Foundation notes, while government-backed financing for commercial aircraft shrank to 4 percent of all commercial aircraft financing in 2018 from 30 percent in 2010, sales have skyrocketed. Since losing its quorum, Ex-Im cut this aid back to just 1 percent in 2018.

Source: New York Times May 07, 2019 23:01 UTC