Friends of Manufacturing

Trump's Budget Director Confirms: The Export-Import Bank Will 'Continue to Exist' (UPDATE: Trump Declares the Bank a 'Very Good Thing')

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Were you hoping, against the odds, that Donald Trump would do an about-face and decide that he wants to kill the Export-Import Bank? If so, I'm afraid I'll have to be the bearer of disillusioning news: OMB chief Mick Mulvaney has now confirmed that the White House wants the bank to "continue to exist."

Some background: The Ex-Im Bank uses tax money to finance and insure foreign purchases of American exports. Boeing and the bank's other beneficiaries think this is a great set-up; the foes of corporate welfare are less impressed. Some early drafts of the Trump budget suggested that the program might be among the items marked for death, but when the actual document was released the bank turned out to be very much alive. Apparently, America's most explicitly mercantilist president in years isn't about to eliminate a mercantilist institution. Go figure.

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