The Ex-Im Bank’s facade of boosting exports and creating jobs is not well supported by its own data. The actual effect of the bank’s activity is the creation of perverse incentives, moral hazards, and inefficient outcomes that has become a fund for corporate welfare. It is worth questioning whether the United States, with mounting debt problems and the possible expiration of the Ex-Im Bank’s reauthorization, needs yet another agency to subsidize companies with taxpayers picking up the tab.