In policy reversal President Trump names new president for Export-Import Bank

[nitpicker]

http://www.dw.com/en/in-policy-reversal-president-trump-names-new-president-for-export-import-bank/a-38433924

In policy reversal President Trump names new president for Export-Import Bank

US President Trump has named Scott Garrett, a conservative Republican former lawmaker, to head the Export-Import (Ex-Im) Bank. Garrett voted to close the official US export credit agency when he was a member of congress.

After describing the Ex-Im bank which guarantees loans for companies that export US products as "featherbedding" for politicians and wealthy corporations such as Boeing, President Trump has nominated a conservative former Republican lawmaker as its next president.

Scott Garrett, a New Jersey Republican, served seven terms in the House of Representatives and voted in 2012 and 2015 against renewing the Ex-Im charter. A founding member of the Freedom Caucus and reported to have made a series of anti-gay remarks, Garrett was defeated in the November elections.

Speaking about Ex-Im at a congressional hearing in 2014, Garrett said "when you mix big corporations and taxpayer-backed guarantees, you get a little something that looks an awful like crony capitalism." In a tweet in October 2015, Garrett described the bank as a "corporate welfare program."

In a White House statement on Friday, Trump also named Spencer Bachus, a Republican former congressman from Alabama, to be a member of the Ex-Im board of directors.

Both men were named for four-year terms and have to receive approval from the Senate.
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