Epoch Times references CEI's Ryan Young for information on why Congress should allow the Overseas Private Investment Corporation's charter to expire.
OPIC claims on support for U.S. jobs are dubious and, even if valid, work out to hundreds of thousands of dollars per job “supported,” according to Heritage and Competitive Enterprise Institute calculations. Thus, even if OPIC supports U.S. jobs, it is massively inefficient.
According to CEI, “[i]n recent years, OPIC has increasingly emphasized environmental factors in its investment decisions. In 2014, more than 40 percent of its resources went to renewable energy projects.” These projects include $46 million in insurance for an unnamed “Eligible U.S. Investor” for a Kenyan wind power project.
OPIC does not use fair-value accounting, as noted by CEI, casting doubt on claims that it makes money.Despite these concerns, Congress is considering legislation that would reauthorize OPIC. This effort is misguided. Congress should end taxpayer support and allow OPIC to either become a private venture or expire.