Clinton Donor Lobbied State For Taxpayer-Backed Loans, Emails Reveal
The Daily Caller references Ryan Young's paper on the Overseas Private Investment Corporation as it faced its charter expiration date this fall.
The bank’s charter expired in July after conservative Republicans made a point of opposing the institution as an example of crony capitalism.
The Overseas Private Investment Corporation (OPIC) provides U.S. companies with loans, loan guarantees, and political risk insurance at low rates to encourage investment in developing countries and emerging markets, and has also been lambasted as a scheme for corporate welfare.
A recent report from the Competitive Enterprise Institute confirmed that OPIC’s own data showed that it benefits large, well-connected companies. OPIC’s top 10 beneficiaries capture 90 percent of its business. The agency’s partners include banking giants JPMorgan Chase and Wells Fargo, as well as multi-billion dollar companies like Virgin.