A return to business as usual may not be in the Export-Import Bank’s future under the Trump administration.
Treasury Secretary Steven Mnuchin said Thursday that he’s worried about the government-sponsored bank subsidizing big business, and hinted the administration may seek to change the way it operates.
“There’s a lot of concerns historically about the Ex-Im Bank and — is it just subsidizing certain large corporations? And that’s not something we’re interested in doing,” Mnuchin said in an interview on CNBC.
Ex-Im’s role is to help provide financing for U.S. exports. In the past, a large share of its financing has benefited Boeing.
In recent years, congressional conservatives have targeted the bank for reform or elimination on the grounds that it distorts the market, although pro-business lawmakers in both parties have tried to keep it alive. Currently, it is in operation but lacks a quorum at its board of directors to approve large deals.
Mnuchin said a Treasury team is looking at helping the bank expand that lending.
“To the extent we think the Export-Import bank can be competitive in helping small and medium-sized businesses export, that’s something that’s important,” he explained, without providing further detail on how that might be accomplished.
The Obama administration fought to renew Ex-Im’s charter, and succeeded in reauthorizing it in 2015 until 2019.
Earlier this week, White House press secretary Sean Spicer declined to go into detail on President Trump’s view of the bank, although lawmakers have said that Trump has privately expressed support for fully staffing Ex-Im.
