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

April 14, 2017 - 7:53 pm

WEST PALM BEACH, Fla. (AP) — President Donald Trump plans to nominate a vocal critic of the U.S. Export-Import Bank to serve as its president.

The White House announced late Friday that Trump plans to nominate Scott Garrett, a former Republican congressman from New Jersey, to serve as president of the credit agency, which helps overseas buyers get financing to purchase U.S. exports.

He'll also nominate Spencer T. Bachus III of Alabama, another former House member, to serve as a member of the bank's board of directors.

Garrett voted against renewing the bank's charter while he was in Congress, denouncing it as "corporate welfare."

Trump also used to be against it. But he's now changed his mind, telling The Wall Street Journal earlier this week that he believes it helps U.S. companies gain business.

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