OPIC Is The New Ex-Im: House GOP Could Split Again Over Crony Capitalism

The Daily Caller mentions Ryan Young’s report on the Overseas Private Investment Corporation:

A recent report from the Competitive Enterprise Institute (CEI) showed that OPIC’s own data confirmed its position as an agency that 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.

The similarities between Ex-Im and OPIC run so deep that the Obama administration’s fiscal 2016 budget planned to combine theminto a single agency. OPIC is a heavily involved in the arena of climate change with 40 percent of its business going to renewable energy projects. On Monday, OPIC’s operations in India lent $20 million to Azure Sunlight — a solar power projects developer.