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Obama renominates record-breaking head of export-subsidy agency

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Fred Hochberg disagrees that his federal agency subsidizes business. It loans taxpayer money and gives taxpayer-backed loan guarantees to help U.S. manufacturers (mostly Boeing) sell goods overseas. Hochberg, President of the Export-Import Bank, says these don’t count as subsidies, despite fitting the common understanding of the word and the OECD definition of “subsidy,” because his...