After President Donald Trump nominated a pair of former congressmen to leadership roles, the Export-Import Bank of the United States may once again be able to approve major loans supporting exports of equipment manufactured in the United States.
Trump nominated former Rep. Scott Garrett (N.J.) to become the bank’s next president, and additionally nominated former Rep. Spencer Bachus (Ala.) to the bank’s board of directors.
The nominations came after Trump reversed course last week on a campaign pledge to unwind the bank.
“I will tell you what, I was very much opposed to Ex-Im Bank … it turns out that, first of all lots of small companies will really be helped, the vendor companies, but also maybe more importantly, other countries give it,” Trump told the Wall Street Journal.
Bachus’ nomination to the bank’s board will give that agency the quorum it needs to approve loans over $10 million. Congress reauthorized the bank in 2015 as part of the FAST Act despite a protracted campaign by some conservatives to end the export finance agency. Garrett, who had voted with those lawmakers opposed to reauthorizing the Export-Import Bank, will now lead the agency.
“Equipment manufacturers are heartened by President Trump’s realization that the Ex-Im Bank supports a vital role in promoting American jobs and American-made exports,” said AEM Senior Vice President for Government and Industry Relations Nick Yaksich. “We are encouraged that the president has moved forward with these nominations to restore the bank’s vital functions.”