Congress is set to return from its most recent recess and high on the list of special interests is reauthorizing the Export-Import Bank. Rather than exposing taxpayers to billions in potential losses by giving new life to this Depression-era dinosaur, lawmakers should focus on other more pressing issues. It’s time to protect taxpayers by ending Ex-Im.

The Export-Import Bank is a government-backed entity that’s long past its useful life. Created in 1934, the bank supposedly supports U.S. jobs by loaning money to foreign buyers of U.S. products and providing loan guarantees and insurance-like products to U.S. exporters. It purportedly fills a void by providing financing for worthy ventures that can’t get private backing. In reality it’s a favor-factory for politically well-connected corporations trolling for corporate welfare.

The Export-Import bank is a poster child for special interest favoritism. Nearly two-thirds of total assistance the Ex-Im provided in 2013 went to just 10 international conglomerates – including General Electric, Caterpillar, and Boeing (which reaped more than 30 percent of the benefits on its own.) A look at the largest buyers of Ex-Im subsidized exports from 2007-2013 shows a list of highly capitalized and highly profitable foreign companies that certainly don’t need U.S. taxpayer subsidies to buy products.

Who benefits from the Ex-Im and how is important because the financial commitments the Ex-Im makes are backed by the full faith and credit of the U.S. Treasury, meaning in the case of default, it’s taxpayers who are on the hook. Currently the Ex-Im has more than $140 billion in liabilities. It also has a poor track record, losing more than $5 billion in the 1980s—back when billions meant something. Both the Government Accountability Office and the Inspector General have repeatedly criticized it for shoddy management, bad accounting, and faulty risk analysis, including CBO’s determination that using realistic accounting methods, the bank will cause taxpayers to suffer at least $2 billion in losses. And that’s assuming the next ten years are free of major shocks to the world economy, especially in the airlines or oil and gas development sectors where the Ex-Im is most heavily exposed.

While there is plenty of potential loss for taxpayers, there’s practically no gain. Even using their own methodology and numbers, which have been roundly criticized, Ex-Im backed projects in 2013 accounted for a mere 2% of the $2.2 trillion in U.S. exports and less than 2% of export-dependent jobs. That doesn’t take into account the jobs it causes to be lost when private capital follows government subsidies to less efficient companies, jobs cut at unsubsidized competitors who lose sales, or companies that must pay more to get loans. Recent estimates put the tab for these hidden downstream costs at nearly $3 billion a year. Much like the Department of Energy’s Title XVII loan guarantee program (which gave us Solyndra and put taxpayers on the hook for a $6 billion faulty nuclear project), Fannie and Freddie, and the Federal Crop Insurance Program, the “Bank of Boeing” is a Washington scheme where the politically well-connected, and the companies financing them, can get a sweet deal while taxpayers foot the bill. It’s privatized profits and socialized risks.

With the bank’s authorization set to expire on June 30^th, taxpayers finally have a chance at relief. Congress should turn its attention to passing spending bills for 2016, fixing the bankrupt Highway Trust Fund, and getting our fiscal house in order. How about starting with letting the Export-Import Bank expire.