President Donald Trump plans to revive the hobbled Export-Import Bank of the United States, his office said. That represents a victory for American manufacturers like Boeing Co. that have overseas customers reliant on the agency’s government-backed loans to purchase their products.
Trump first told The Wall Street Journal on Wednesday he would fill two vacancies on the agency’s five-member board that have prevented the bank from having a quorum and being able to act on loans over $10 million. Trump’s picks must gain approval from the Senate, which blocked nominees by former President Barack Obama.
Trump told the Journal that the bank benefits small businesses and creates jobs, a reversal of his earlier criticism of the bank being “featherbedding” for wealthy corporations.
The Export-Import Bank, an independent government agency, provides loans to foreign entities that enables them to purchase American-made goods. For example, it has been used by foreign airlines to purchase planes from Boeing and farmers in developing nations to acquire equipment.
Read more: St. Louis Post-Dispatch