In an era of polarization, taxpayers can take no solace that crony capitalism still enjoys bipartisan support. Witness the confirmation battle over President Trump’s nominee to be president of the Export-Import Bank—Scott Garrett, one of the bank’s longtime critics. As a New Jersey Congressman, Mr. Garrett twice voted against renewing Ex-Im’s charter. To encourage exports, the bank offers loans, guarantees and other financing, but as Mr. Garrett explained, this support has become “taxpayer-funded welfare for...

Source: Wall Street Journal July 21, 2017 23:03 UTC