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An Offense Against Free Market Capitalism: The Export-Import Bank

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A 1934 creation of President Franklin D. Roosevelt, the Export-Import Bank was meant to facilitate trade between the United States and other nations.

Its initial focus was lending to the old Soviet Union. But over the years, the Ex-Im Bank portfolio has greatly diversified.

Eighty years on, it has loaned billions to numerous foreign nations and companies. The idea, as always, is to encourage those foreign entities to purchase U.S. goods. In reality, however, the so-called bank has outlived its usefulness.

Today, the Ex-Im Bank is fast approaching its statutory cap of $100 billion in loans, and...