News Worms
News Worms

Trump picks critic to lead Ex-Im Bank he once opposed

Trump picks critic to lead Ex-Im Bank he once opposed

The White House announced Friday that it will nominate an outspoken critic of the Export-Import Bank to head the agency, following a week in which President Trump appeared to reverse his position on the controversial bank.

Now, however, Trump has had a change of heart because the CEO of Boeing - which benefits greatly from the bank - pulled him aside and explained how it works, reports the Wall Street Journal. "I think it's unnecessary", he told Bloomberg in August 2015.

The positions require Senate confirmation.

During his time in Congress, Garrett was well respected as a fiscal conservative, boasting a 95% lifetime score from the Club for Growth, despite serving in a fairly moderate district in the New York City metropolitan area.

On the campaign trail, Trump called the bank "featherbedding" for politicians and companies. "When other countries give it, we lose a tremendous amount of business".

Trump opposed the bank during the campaign, but indicated he planned to reopen the bank for business in an interview with the Wall Street Journal on Wednesday - one of several recent decisions by the president that suggest a shift in his views on economic policy.

Bachus, a former chairman of the House Financial Services Committee, has previously backed the Ex-Im Bank, sponsoring a 2012 law that reauthorized the bank.

A product of the New Deal, the bank primarily provides financing for US companies looking to sell their goods overseas when private funding is not available. The Congress refused to appoint two Obama nominees to the bank's board, another board member resigned, and without new appointments, the remaining two members of the five-member board could not constitute a quorum.

The bank's board has been short the three people needed for the five-member board to approve deals worth more than $10 million. "So instinctively you would say it's a ridiculous thing, but actually, it's a very good thing and it actually makes money". Conservative groups including Heritage Action and Americans for Prosperity oppose the bank for similar reasons. This financing supported 164,000 American jobs that year, according to the bank, and about 90 percent of the bank's deals helped small businesses.

"The Export-Import Bank's long legacy of crony capitalism has hurt the livelihoods and businesses of many Americans who don't get special treatment from this misguided government program", Garrett said in a 2015 statement.

The bank now has about $30 billion in deals waiting to be authorized.

Congressional supporters of the bank failed previous year to revive the higher lending limit.


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