Trump nominates vocal critic to head Export-Import Bank

|By:, SA News Editor

The Trump administration said Friday it will nominate an outspoken critic of the Export-Import Bank to head the agency, just days after the president appeared to reverse his position on the bank that the likes of GE and Boeing (NYSE:BA) say is vital to their success.

Former Rep. Scott Garrett, who called the Ex-Im Bank a “fund for corporate welfare” and voted twice against reauthorizing the bank while in Congress, will be nominated as the bank’s president.

Conservative Republicans have forced the Ex-Im Bank to remain mostly dormant for nearly two years through a lack of leadership, yet the appointment of Garnett and another former congressman to the bank's board could allow lending to resume in earnest.